Glossary

This three digit BC Assessment code (abbreviated AUC), denotes a property's primary use. Each property record can have only one primary actual use code.

Actual Value

The market value of the fee simple interest in land and improvements (Assessment Act, s. 19(1), "actual value")

Advocate (BC Assessment)

BC Assessment Staff or external counsel who provides advocacy for appeals before the Property Assessment Appeal Board on behalf of BC Assessment. See also definition of Advocate on Property Assessment Appeal Board website.

Affiliate

A corporation that is related to another corporation by virtue of being a subsidiary of that corporation (e.g., controlled by that corporation), having the same parent company as the other corporation (i.e., they are both subsidiaries of/controlled by the same corporation) or being controlled by the same person or group of persons. (Business Corporations Act, ss. 1 "affiliate", and 2(1))

Agent

An individual who acts on behalf of a property owner. Please note: for information disclosure, agency is relevant in two contexts: (1) whether a person is to be charged a fee for non-confidential property information or can get that information for free as could the owner; and (2) whether the person is entitled to access confidential property information. A person may be an agent for the first purpose but not for the second. Therefore, it is possible that a person can be an "agent" even if they are not authorized in the prescribed form to receive confidential property information.

Agreement for Purchase and Sale

A contract for the sale of an interest inland under which the purchaser agrees to pay the purchase price in the manner stated in the contract, and on payment of which the vendor is obliged to transfer the interest in land to the purchaser.

Considered a Non Cash sale until the final payment is made and the Assignment of the Agreement for Sale is registered at the Land Titles and Survey Authority.

Agricultural Land Reserve (ALR)

Agricultural land designated as an agricultural land reserve under the Agricultural Land Commission Act. Although the Classification of Land as a Farm includes special provisions for ALR land, ALR designation and farm classification are two separate determinations. Land classified as farm does not have to be in the ALR, and the land in the ALR does not automatically qualify for farm class.

Alternate use

A use other than the existing use of a property; or one of several alternative uses analyzed to determine the highest and best use of the property. (Appraisal of Real Estate 2nd Canadian Edition, 2002)

Anchor Tenant

The major store withing a shopping center that attracts or generates traffic for the facility, e.g. a supermarket in a neighbourhood shopping center, a major chain or department store in a regional shopping center. (The Dictionary of Real Estate Appraisal, 4th edition)

Ancillary

Auxiliary or subordinate. (Black’s Law Dictionary, 6th ed.). Providing support to the primary activities of an organization. Additional; subsidiary (Concise Oxford, 10th ed. Rev.). It means something which may be expected to occur in fortuitous or intended subordinate conjunction with something else of which it forms no essential part. (Assessor of Area 10 – Burnaby/New Westminster v. SCI Canada Ltd. (2000), Stated Case 415 (B.C.C.A.).

Appeal Management Conference (AMC)

The main purpose of an AMC is to clarify the issues and set steps to resolve the appeal. Most AMCs are conducted by telephone. The parties discuss the issues and the Board can make a variety of orders, such as for the disclosure of documents. If resolution does not appear likely, the appeal is usually scheduled for written submission or an in-person hearing. Some complex appeals may have several AMCs before they are heard. (Property Assessment Appeal Board)

Appeal Manager

Member of the Property Assessment Appeal Board (PAAB) assigned to facilitate the progression of the appeals via Appeal Management Conference (AMC) at the pre-hearing stage.

Appellant

The person (e.g., individual or corporation) who initiates a complaint to the PARP, an appeal to the PAAB, or an appeal in a court.

Appraiser

One who prepares a formal opinion of value. In BC Assessment, Appraiser refers to someone who collects and analyses real estate data to develop assessments under the direction of the Area Assessor.

Assessment Roll

Lists all properties that are subject to assessment. The Assessment Authority Act Regulations (B.C. Reg 497/77) list the information that must be contained in the Assessment Roll. This includes the name and address of the assessed owner, a description of the property's location (legal description and/or property address), and the actual value and classification of land and improvements.

Assessment to Sale Ratio (ASR)

The ratio of the assessed value to the sale price of a property.Assessed Value/Sale Price = ASR

Assisted Living (AL)

These facilities fall between Independent Living and Licensed Care. Facilities may provide everything that Independent Living facilities provide plus up to 2 prescribed services to their residents. Facilities must be registered with the Assisted Living Registrar.

Assisted Living Residence

A premises or part of a premises, other than a community care facility,

(a) in which housing, hospitality services and at least one but not more than 2 prescribed services are provided by or through the operator to 3 or more adults who are not related by blood or marriage to the operator of the premises, or

(b) designated by the Lieutenant Governor in Council to be an assisted living residence.

(Community Care and Assisted Living Act, s.1, "assisted living residence")

Association

... a group of people organized for a joint purpose; a society. (Oxford English Reference Dictionary)

Authorized Signatory

Where property has a corporate owner, a director of that company, company official or senior level employee with signing authority for release of confidential information about the property. Normally, a written response from the authorized signatory on corporate letterhead would be accepted as evidence of signing authority to release confidential information.

Bed (Licensed Care Facility)

A bed is a unit of capacity in licensed care facilities. Every facility is licensed for a certain number of beds which dictates how many people may reside in a given facility. In any licensed care home, there may be greater or fewer actual beds than licensed beds. Excess beds cannot be used if they are not licensed.

Big Box

These are generally specialized retail facilities which are intended to drive the competition from a market by offering greater depth in a particular retail area (e.g. sports, home furnishing, drugs, etc). Big Box Stores are often characterized by 'warehouse' style construction and are associated with various degrees of interior finishing ranging from very minimal to department store equivalents. (BC Assessment - Shopping Centre Development Handbook Urban Land Institute 1999)

There are several recognized size variations on the Big Box format:

Conventional Big Boxes - 60,000 to 150,000 sq ft

Mid-Boxes - 25,000 to 60,000 sq ft

Junior Boxes or Mini-Boxes - up to 20,000 to 25,000 sq ft.

Board of Directors

The board of directors of the BC Assessment Authority is appointed by the Lieutenant Governor in Council under the Assessment Authority Act. The Board of Directors, sometimes referred to simply as the “Board” is synonymous with the “authority” or the “assessment authority”. (Assessment Authority Act, ss. 1 and 11; BCA)

Building

Structure designed for habitation, shelter, storage, trade, manufacture, religion, business, education, and the like. A structure or edifice inclosing a space within its walls, and usually, but not necessarily, covered with a roof. (Black's Law Dictionary, 6th edition)

...walkways, plaques and benches ...are improvements but they do not fall within the ordinary meaning of "building" (Assessor of Area 14 - Surrey/White Rock v. Roman Catholic Archbishop of Vancouver (2003, PAAB - refer to as 2004 PAABBC 20031755).

Bundle of Rights Theory

The concept that compares real property ownership to a bundle of sticks. Each stick represents a separate right or interest inherent in the ownership. These individual rights can be separated from the bundle by sale, lease, mortgage, donation or another means of transfer. The complete bundle of rights includes the following:• The right to sell an interest • The right to lease an interest and to occupy the property• The right to mortgage an interest• The right to give an interest away• The right to do none or all of these things. (The Appraisal or Real Estate, 2nd Edition – 2002)

Campground

A property with one or more campsites and/or RV pads, and often other associated facilities, such as:

structural improvements such as covered cooking areas;

group facilities;

administration offices;

laundry facilities;

washrooms with or without showers;

picnic tables;

convenience store;

service/utility hook ups such as gas, water, electricity and sewers usually for the RVs;

wood bins; and

garbage bins.

Note that a property may include a campground as well as other tourist accommodation facilities such as rental cabins or a motel.

Campground Operator

A person or persons who manage(s) a campground.

Camping

An outdoor recreational activity involving long or short-term overnight accommodation on a campsite and/or RV pad, unless the user acquires exclusive rights to a specific site through a long-term membership, lease or license.

Camping Fee

A fee levied by campground owners or managers/operators use of the campsites or RV pads and ancillary amenities.

Campsite/RV Pad

An outdoor area within a campground designed to accommodate a person or party who wishes to camp, and for which a camping fee is typically paid.

Campus of Care

A facility that provides two or three levels of seniors housing on one property so that residents can age in one location. The levels range from independent living and/or assisted living to licensed care.

Capacity

In the context of industrial property classification, the production capability for which the facility was designed. Design capacity may differ from current or actual production.

Investments of cash or the creation of liability to acquire or improve an asset, e.g., land and buildings. Also known as capital cost. (The Dictionary of Real Estate Appraisal, 4th edition)

Capital Expense

The amount required to satisfy the interest on and amortization of an investment; also called capital charge. (The Dictionary of Real Estate Appraisal, 4th ed.)

Capital Recapture

The return of equity in an investment as distinguished from the return on equity. Investment capital may be recaptured through annual income or it may be recaptured all or in part through resale of the property at the termination of the investment; also called capital recovery. (The Dictionary of Real Estate Appraisal, 4th ed.)

Capitalization Rate - Actual Income

The cap rate indicated by the net operating income at the time of sale. This rate will reflect the actual vacancy of the property. (Appraisal Institute of Canada)

Cash Sale

A sale for money in hand. A sale conditional on payment concurrent with delivery. (Black's Law Dictionary, 6th Edition)

Cemetery

Land that is set apart or used as a place of burial of human remains or cremated remains and includes any incidental or ancillary buildings on the land. (Cremation, Internment and Funeral Services Act, s. 1, "cemetery")

Cemetery Services

Means the operation of a place of interment or crematorium and the disposition of human remains by interment or cremation and includes the supply of goods incidental to and as a part of interment or cremation, but does not include the sale of rights of interment. (Cremation, Internment and Funeral Services Act, s. 1, "cemetery services")

Charge

an estate or interest in land less than the fee simple and includes(a) an estate or interest registered as a charge under section 179, and (b) an encumbrance.

(Land Title Act, s. 1, "charge")

Charitable Institution

"charitable institution"

One which dispenses charity to all who need and apply for it, does not provide gain or profit in private sense to any person connected with it, and does not appear to place obstacles of any character in way of those who need and would avail themselves of charitable benefits it dispenses. Distinctive features are that it has no capital stock or shareholders and earns no profits or dividends... (Black's Law Dictionary, 6th Edition)

NOTE: registration of the charity with Canada Revenue Agency is prima facie evidence that the organization is a charity; however, if the organization is not shown in the Canada Revenue Agency website that should not be taken as meaning that the organization is not a charity. Examination of the purposes, objects and other distinctive features of the organization should be made to determine whether it is a charitable organization, despite not being shown in the Canada Revenue Agency website.

Chattels

An article of personal property, as distinguished from real property. (Black's Law Dictionary, 6th edition)

Coefficient of Dispersion (COD)

The average deviation of a group of numbers from the median expressed as a percentage of the median. In ratio studies, the average percentage deviation from the median ratio. (International Association of Assessing Officers)

Commercial Retail Unit (CRU)

A smaller tenant within a Shopping Centre typically occupying less than 30,000 sq ft of space.

Common Area

In the context of classifying Bed and Breakfasts, the area within a single family residence which is available to the public (Bed & Breakfast guests) who purchase short-term accommodation. Typical examples of common areas include:

shared washrooms or spa facilities;

dining room;

living or sitting room;

lounge or library;

foyer, entrance, and hallways; and

outdoor areas used, or available to the public.

In the context of other property types, it is the area used in common, i.e. courtyards, escalators, elevators, sidewalks. (BC Assessment)

An area owned and used in common by the residents of a condominium, subdivision or planned-unit development (Black's Law Dictionary, 8th edition)

Common Area Maintenance (CAM) Charges

In a retail lease, this clause stipulates how much the tenant will pay for maintaining the common area -- that area within a shopping centre or mall which tenants use in common; i.e., courtyards, escalators, sidewalks, skyways, parking areas, etc. (Calgary Real Estate Board)

Common Property

(a) that part of the land and buildings shown on a strata plan that is not part of a strata lot, and(b) pipes, wires, cables, chutes, ducts and other facilities for the passage or provision of water, sewage, drainage, gas, oil, electricity, telephone, radio, television, garbage, heating and cooling systems, or other similar services, if they are located(i) within a floor, wall or ceiling that forms a boundary(A) between a strata lot and another strata lot,(B) between a strata lot and the common property, or(C) between a strata lot or common property and another parcel of land, or(ii) wholly or partially within a strata lot, if they are capable of being and intended to be used in connection with the enjoyment of another strata lot or the common property;(Strata Property Act, s. 1, "common property")

Community Care Facility

A premise or part of a premises

(a) in which a person provides care to 3 or more persons who are not related by blood or marriage to the person and includes any other premises or part of a premises that, in the opinion of the medical health officer, is used in conjunction with the community care facility for the purpose of providing care, or

(b) designated by the Lieutenant Governor in Council to be a community care facility.

The range of properties of a specific type which a typical buyer or seller (investor) would normally consider as alternatives for comparison of investment opportunities.

Completed Roll

Assessment Roll produced by December 31 for the following tax year.

Confidential Information

Information that is not available to the public, including actual information about specific properties, such as financial information, provided to BCA and used as the basis for creating derived information.

Confidential information does not include information that is available:

· through publication on the assessment roll (face of the roll information),

"face of the roll" information (e.g., that is available to the public on the microfiche);

available to the public under a regulation (e.g., Section 3.2 of the Assessment Act Regulation, B.C. Reg. 433/98 (Disclosure of physical inventory information); or

derived information or readily available physical property information made available for sale by BC Assessment.

Property Value Summaries (PVS) are NOT considered confidential property information

Consistent Use

The concept that the marketplace values the land and improvements of a property based on the same use. Appraisers must address the concept of consistent use when properties have temporary or 'interim' uses. Improvements which may not represent the land's highest and best use, but have substantial remaining physical lives, can have an interim use of temporary value, no value at all, or even negative value if their removal will incur substantial costs. (Appraisal of Real Estate 2nd Canadian Edition, 2002)

Contaminated Sites

An area of the land in which the soil or any groundwater lying beneath it, or the water or the underlying sediment, contains

(a) a hazardous waste, or

(b) another prescribed substance

in quantities or concentrations exceeding prescribed risk based or numerical criteria or standards or conditions. (Environmental Management Act, part 4, s. 39(1))

Convalescent Hospital

see Campus of Care

Convenience Store (C-Store)

The term refers to a convenience store or a retail outlet, typically located in proximity to a residential neighbourhood, where convenience goods can be purchased; provides a convenient location and longer hours for the quick purchase of a wide array of consumable goods and services.

Kiosk: 500-800 square feet or less (typically very limited merchandise)

Mini Convenience Store: 800-1,200 square feet

Limited-Selection Convenience Store: 1,500-2,200 square feet

Traditional Convenience Store: 2,400-2,500 square feet

Expanded Convenience Store: 2,800-3,600 square feet

Hyper Convenience Store: 4,000-5,000 square feet

Converted Value of land and improvements

The net taxable value of land and improvements multiplied by the percentage prescribed by regulation for this purpose. Please refer to B.C. Reg 371/2003 for further information. (Community Charter)

Coordinated Properties

Coordinated properties are typically similar properties found across the province requiring similar valuation methodology, such as hotels and motels, seniors housing, regional shopping centres and auto dealerships. These properties are often higher profile and tend to attract agent appeals.

Cost to Cure

Cost-to-cure is a measure used for curable physical deterioration and curable functional obsolescence.

Crawl Space

An unfinished, accessible space below the first floor of a structure that is usually less than full story height. (Dictionary of Real Estate Appraisal 4th Edition)

Crown

A reference to either the provincial or federal Government. Interpretation Act, s. 29)

C-Store

The term refers to a convenience store of a retail outlet, typically located in proximity to a residential neighbourhood, where convenience goods can be purchased; provides a convenient location and longer hours fro the quick purchase of a wide variety of consumable goods and services. Also referred to as Mini-Convenience, Limited-Selection, Traditional, Expanded or Hyper Convenience Stores. (National Association of Convenience Stores, Dictionary of Real Estate Appraisal, 4th Edition)

Curable Defects (Notice of Complaint)

A curable defect is an error or omission in the way the notice of complaint is presented (form) that does not go to the substance of the issue.

CUSPAP

Canadian Uniform Standards of Professional Appraisal Practice (AIC Website).

Cut Timber Value

The value of timber based on species and grade, harvested two years prior to the taxation year.

De Minimus Improvement

An improvement that is so inconsequential in size or value that, in law and practice, it does not make sense to separately assess it.

Demised Area

The walled off and secured area of a leased space, separated from spaces leased to others (by a "demising" wall). Also referred to as Useable Area.

Depreciation

Depreciation is the difference between the market value of an improvement and its reproduction or replacement cost at the time of appraisal. There are three components of depreciation:

"Physical deterioration - wear and tear from regular use and the impact of the elements.

Functional obsolescence - a flaw in the structure, materials or design that diminishes the function, utility and value of the improvement.

External obsolescence - a temporary or permanent impairment of the utility or salability of an improvement or property due to negative influences outside the property. (External obsolescence may result from adverse market conditions. Because of its fixed location, real estate is subject to external influences that usually cannot be controlled by the property owner, landlord or tenant.)"

(The Appraisal of Real Estate - Second Canadian Edition)

Developing Farm

Land being developed as a farm which does not yet meet the production requirements of Section 5 of the Classification of Land as a Farm, but which meets the requirements of Section 8 of the Regulation.

Development Cost Charges (DCC's)

A fee which local governments may levy against development projects to recover the cost of providing local services.

Development Land

Land which has a higher and better use through development or redevelopment, e.g. higher density Residential subdivision.

Distress Sale

A form of liquidation in which the seller receives less for the goods than what would be received under normal sale conditions; esp. a going-out-of-business sale. A foreclosure or tax sale.

(Black's Law Dictionary Abridged 8th edition)

Dormer

A window set vertically in a structure projecting through a sloping roof; also: the roofed structure containing such a window. (Miriam Webster Online)

Due Diligence

In the context of real estate, a term which refers to the extent of investigation completed for a real estate task related to brokerage activities, property management, valuation, or other real estate research.

Dwelling

The house or other structure in which a person or persons live; a residence; abode; habitation; the apartment or building, or group of buildings, occupied by a family as a place of residence. Structure used as a place of habitation. (Black's Law Dictionary, 6th edition)

Easement

An interest in real property that conveys use, but not ownership of a portion of an owner's property. Access or right of way easements may be acquired by private parties or public utilities. Governments dedicate conservation, open space and preservation easements. (Appraisal of Real Estate, 2nd Edition)

Economic Life

The period over which improvements to real property contribute to property value. (The Dictionary of Real Estate Appraisal, 4th ed.)

Economic Rate

The market rate observed for typical apartment properties in the Competitive Market Set (CMS) associated with a specific Apartment Model. The Economic Rate will include typical amenities provided in the CMS for a specific Occupancy and Quality. Examples of amenities may include parking, cable, heat, etc.

Economic Rate - Golf Courses and Driving Ranges

The unadjusted Average Rate per Round for typical golf properties in Competitive Market Set. The Economic Rate will include typical amenities provided by the owner such as club storage, club & cart rental, food & beverage service, etc.

Economic Rate - Industrial Automotive

The Market Rate observed for typical Industrial-Automotive space in the Competitive Market Set associated with a specific Industrial-Automotive model.

Economic Rate - Manufactured Home Parks

The unadjusted market rent observed for typical Manufactured Home Parks in the Competitive Market Set associated with a specific Manufactured Home Park Model. The economic rate will include typical amenities provided by the landlord (e.g. water, sewer, etc.).

Economic Rate - Marina

The market rate observed for typical marina moorage fees in the Competitive Market Set associated with a specific model.

Economic Rate - Office

The market rate observed for typical office space in the Competitive Market Set associated with a specific Office model.

Economic Rate - Parking

The market rate observed for typical parking improvements in the Competitive Market Set associated with a specific Parking Improvement model.

Economic Rate - Retail General

The unadjusted market rent observed for typical general retail rental space in the Competitive Market Set associated with a specific General Retail model.

Economic Rate - Retail/Industrial

The market rate (based on Strata Lot Area) observed for typical strata commercial units in the Competitive Market Set associated with a specific model. The market rate will include typical amenities provided in the CMS for a specific Occupancy and Quality. Examples of amenities include level of fixturing (e.g. tenant improvements), parking for staff and clients, storage, access to other limited common property, etc.

Economic Rate - Shopping Centres

The unadjusted Market Rent observed for typical Shopping Centre space in the Competitive Market Set associated with a specific Shopping Centre model. The Economic Rate will include typical amenities provided in the CMS for a specific Occupancy and Quality.

Economic Rate - Strata Residential

The market rate (based on Strata Lot Area) observed for typical strata residential properties within the Competitive Market Set for specific strata residential models. The economic rate will reflect typical features provided within the Competitive Market Set such as balconies, secured entrance, parking privileges, storage, as well as the typical range of strata fees.

Economic Rate Strata Hotel/Motel Properties

The unadjusted market rent observed for typical strata hotel & motel properties in the Competitive Market Set associated with a specific model. The economic rate will include typical facilities/guest amenities provided in the Competitive Market Set for a specific Occupancy and Quality. Examples of amenities are balconies, security entrance, parking privileges, owners' rights of personal use, storage and a typical range of strata fees.

Effective Age

The age indicated by the condition and utility of a structure. (Appraisal of Real Estate, 2nd edition)

Electoral Area

An electoral area in a regional district as specified by the letters patent for the regional district. (Local Government Act, s. 5 "electoral area")

Electrical Power Generating Properties (EPGs)

EPG properties include dams, power plants and substations as defined in section 20.1 of the Assessment Act as well as associated improvements. Not included in this definition are transmission lines valued by Assessment Authority Rates and electrical power production facilities which comprise part of a Major Industrial plant.

Electronic Signature

An electronic signature is information in an electronic form that a person has created or adopted in order to sign a record and that is in, attached to or associated with the record. For instance, a signature that has been scanned and stored in electronic form can be added to a record such as an email.

Eligible Heritage Property

A property designated with heritage protection under either of the Heritage Conservation Act, Local Government Act, Community Charter or Vancouver Charter.

Eligible Property

In the context of the Tourist Accommodation (Assessment Relief) Act, land that, with its improvements, is used to provide overnight accommodation to guests and is in class 6 - Business and Other, and includes a campground, recreational vehicle park or trailer park that comes within Class 6. (Tourist Accommodation (Assessment Relief) Act, s. 1, "eligible property")

Eligible Residential Property

A parcel of land on which there are improvements if

(a) the parcel does not exceed 2.03 ha in area and

(b) the improvements are designed to accommodate and are used only to accommodate no more than three families. (Assessment Act, s. 19(1), "eligible residential property")

Encroachment

An interference with or intrusion onto another's property. (Black's Law Dictionary, 8th edition)

Encumbrance

A claim or liability that is attached to property or some other right and that may lessen its value, such as a lien or mortgage; any property right that is not an ownership interest. (Black's Law Dictionary, 8th edition)

Environmental Risk Assessment Report

A report which identifies the potential onsite and offsite environmental risks of any specified substances causing contamination before and after remediation, and procedures, including monitoring, designed to mitigate any significant potential risks so identified. (Contaminated Site Regulation, s. 1, "environmental risk assessment report" Environmental Management Act)

Equity

Equity requires that similar properties be assessed in a consistent manner in the municipality or rural area. (Property Assessment Appeal Board)

Error

An assertion or belief that does not conform to objective reality; a belief that what is false is true or that what is true is false. (Black's Law Dictionary, 8th ed.)

Escalation Clause

A contractual provision that makes pricing flexible by increasing or decreasing the contract price according to changing market conditions, such as higher or lower taxes or operating costs. (Black's Law Dictionary, 8th edition)

e-valueBC

e-valueBC is a publicly-available online service for non-commercial use. It provides easy access to property information about every property in British Columbia with the exception of some First Nations’ properties.

Excess Land

For an improved site, the land not needed to serve or support the existing improvement.

For a vacant site or a site considered as though vacant, the land not needed to accommodate the site's primary highest and best use. Such land may have its own highest and best use or may allow for future expansion of the existing or anticipated improvement. The Appraisal of Real Estate 2nd Canadian Edition 2002)

Excess Rent

The amount by which contract rent exceeds market rent at the time of the appraisal; created by a lease favourable to the landlord (lessor) and may reflect a locational advantage, unusual management, unknowledgeable parties, or a lease execution in an earlier, stronger rental market. Due to the higher risk inherent in the receipt of excess rent, it may be calculated separately and capitalized at a higher rate in the Income Approach. (Appraisal of Real Estate, 2nd edition)

Exclusively

"apart from all others; only; solely; substantially all or for the greater part; To the exclusion of all others; without admission of others to participation; in a manner to exclude". (Black's Law Dictionary, 6th edition)

In the context of section 15 (1)(q), "Used exclusively" has been interpreted by the Property Assessment Appeal Board (PAAB) to refer to the activities conducted in the facilities rather than to the use of the facilities. This means that to receive the exemption, the facilities must be used by an organization for activities of benefit to a substantial part of the community, rather of direct benefit to the organization itself.

Exclusive use does not mean absolutely no other use is permitted. Such facilities may occasionally be used for organizational activities, or for private functions that may not be of a charitable nature, and still retain the exemption. However, it would be necessary for these alternate uses to be a minimum component of the overall use. (Black's Law Dictionary, 5th ed.)

Exempt Property

Property not liable to taxation and/or assessment.

Farm

An area of land classified as such under the Assessment Act. (Assessment Act, s. 1(1), "farm"; see also s.23)

Farm Application

The General Application for Farm Classification is a regulated application form (available at www.bcassessment.ca or any BCA office) that must be completed by any property owner seeking farm classification. The form provides information necessary to determine if the land will be eligible for farm classification. The deadline for application is October 31. Refer to: section 3(1) Classification of Land as a Farm Regulation.

Property owners seeking farm classification on land used for a retired farmer's dwelling must apply annually using the Retired Farmer's Dwelling Land Application.

Farm Building

An improvement on land classified as a farm that is eligible for farm building exemptions under the Community Charter section 220(1)(n); the Taxation (Rural Area) Act section 15(1)(f), and the School Act section 131(4).

Farm Classification

Under the Classification of Land as a Farm Regulation, a farm is all or part of a parcel of land used for:

(a) a qualifying agricultural use;

(b) a farmer's dwelling; or

(c) the training and boarding of horses when operated in conjunction with horse rearing.

Farm Development Plan

A plan filed with the Assessor under section 8 of the Classification of Land as a Farm Regulation.

Farm Gate Amount

Farm gate amount is the dollar value received by the farmer from direct farm sales of qualifying agricultural products, or the value of qualifying agricultural products that are used for processing. In the case of livestock, farm gate amount means the live weight sale price, less any purchase and butchering costs - not the killed or dressed sale price quoted from the butcher. If receipts are not provided, other proof of production and sales must be supplied. (Classification of Land as a Farm, section 1; BCA)

Farm Income

With some exceptions set out in the Classification of Land as a Farm Regulation, in order to receive and maintain farm classification, land must generate income from qualifying agricultural products. Minimum annual income will be calculated based on the farm gate amount of agricultural products.

This income may be calculated for either of two reporting periods. Qualifying agricultural products must be sold each year. Crops grown for home consumption will not be considered part of farm income. Minimum (threshold) income requirements are calculated as follows:

(a) $10,000 on land less than 8,000 m² (1.98 ac)

(b) $2,500 on land between 8,000 m² (1.98 ac) and 4 ha (10 ac)

(c) $2,500 plus five per cent of the actual value of any farm land in excess of 4 ha on land larger than 4 ha (10 ac).

(Classification of Land as a Farm Regulation, s. 5)

Farm Income Ratio

Actual Income/Required (Threshold) Income = Income Ratio.

Farm Land

A classification of land for assessment purposes. Farm land must meet the requirements of the Classification of Land as a Farm Regulation (e.g. produce a prescribed amount of qualifying agricultural products for sale such as crops or livestock; meet the criteria to qualify as a developing farm; etc.). In addition, some vacant land which is part of a farmed parcel may also qualify as farm land.

Farm Lease

A written agreement for the rental of all or part of one or more parcels of land.Written leases are required. The lease document must contain all the statutory requirements of section 7 of the Classification of Land as a Farm Regulation. Land may be eligible for farm classification when a property owner leases all or part of his property to a farmer for the purposes of qualifying agricultural production. The land must make a reasonable contribution to the lessee's farm operation.

Farm Outbuilding

A farm improvement, other than the farmer's dwelling, that is exclusively used to operate a farm. Farm outbuildings are classified as residential.

Farm Product

A qualifying agricultural product of a qualifying agricultural use as defined in section 1(1) and the Schedule to the Classification of Land as a Farm Regulation.

Farm Reporting Period

One of two farm production years. The earlier reporting period means a person's income tax year ending in the calendar year that is three years before the (assessment) taxation year. The later reporting period means a person's income tax year ending in the calendar year that is two years before the (assessment) taxation year.

Farmer

For the purposes of determining whether a dwelling is a farmer's dwelling, a farmer is someone who is actively involved in the day-to-day operation of a farm.

Farmer's Dwelling

A dwelling which is:

located on or adjacent to the farm, and

occupied by a person who is actively involved in the day-to-day activities of that farm.

The land associated with a dwelling that is occupied by persons who are not actively involved in the ongoing farm operation, is not eligible for farm classification.

The area qualifying as land used for a farmer's dwelling includes the land under the dwelling and other residential improvements such as garden sheds and car garages; areas of lawn and landscaping surrounding the residential buildings and driveways or property entrances; driveways providing access and egress and parking; and land used for the farmer's personal recreation such as swimming pools and tennis courts. The area of land qualifying as being used for a farmer's dwelling will be unique to the facts and circumstances of each particular farm operation, as determined by such means as orthophotography or a site inspection.

Federal Property - Improvements

Improvements subject to payments by the Federal Crown for further information, see the Payments in Lieu of Taxes Act.

In general federal property includes improvements that are designed primarily for the shelter of people, living things, fixtures, personal property or movable property.

Federal Property - Land

Land subject to payments in lieu of taxes. For more information refer to the Payments in Lieu of Taxes Act.

Federal land subject to payments in lieu of taxes must fall into one of the following categories:

owned by the federal Crown ;

owned by a corporation listed in Schedule III or IV to the PILT Act;

land and improvements owned by the provincial Crown which are occupied or used by the federal Crown (e.g., space in provincial government land and improvements leased to the federal government);

national parks and national park reserves;

national marine parks and national marine park reserves;

national historic sites and national battlefields;

heritage canals;

on First Nations reserves,

land occupied for residential purposes by a federal employee who lives on the reserve for employment reasons,

land occupied by the federal Crown;

property for which no original Crown grant has been issued, which is designated for a specific use by or under an Act of Parliament, or used by a First Nations person.

Fee Simple Interest

Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. (Appraisal of Real Estate, 2nd edition)

File

In relation to a notice or record required to be filed with an assessor, the board or assessment authority, includes mail or leave with the assessor, board or assessment authority or deposit in the mail receptacle at their office. (Assessment Act, s. 1(1))

Email and fax are acceptable means of filing a notice of complaint.

First Sale

Residential strata properties which are "pre-sold" may reflect "below market" pricing; Developers may use this strategy for the first few sales to encourage interest in their project.

Floating Home

Floating Home means a structure built on a flotation system, which is used for permanent residential habitation and is not intended for navigation, nor usable as a navigable craft. (Ministry of Forests, Mines and Lands)

Also see Floating Manufactured Home Regulation.

Floating Home Community

Two or more floating homes which are physically connected to the shore land and to each other by a common walkway or ramp, and which are serviced by a potable water system, electrical system, and sewage disposal system approved by the responsible authority. (Ministry of Agriculture)

Folio

A collection of data, identified by a roll number, that consists of ownership, actual value and other information required for assessment purposes. The data in a folio usually describes one parcel and any improvements on it. A folio may describe multiple parcels and their improvements, or a portion of a parcel and/or the improvements on such a parcel. Folio is synonymous with (Assessment) Roll Number.

Foreclosure Sale

The sale of a mortgaged property, authorized by a court decree or a power-of-sale clause, to satisfy the debt. (Black's Law Dictionary, 8th edition)

Foreshore

The part of the shore that lies between high-water and low-water marks. (Merriam-Webster's Dictionary)

Forfeiture

Forfeiture is the transfer of ownership of privately owned real property to the provincial Crown, due to the non-payment of rural property taxes. (Ministry of Finance - Property Taxation Branch)

Fractional Ownership

A tenancy in common under which each owner holds a separate title to a fractional interest in the property and in relation to which there are specific use and enjoyment provisions regarding the entitlement of each fractional tenant in common.

A loss in value caused by a flaw in the structure, materials or design of the improvement when compared with the highest and best use and most cost-effective functional design requirements at the time of appraisal. May be caused by a deficiency or a super adequacy; some forms are curable and others are incurable. (Appraisal of Real Estate, 2nd Canadian Edition, 2002)

Funeral Services

(a) arrangements and services related to the interment or cremation of human remains,

(b) care and preparation of human remains for purposes related to paragraph (a),

(c) bereavement rites and ceremonies, and

(d) the supply of goods incidental to and as part of the arrangements, services, care, preparation and bereavement rites and ceremonies referred to in paragraphs (a) to (c), but does not include the sale of rights of interment or the disposition of human remains by interment or cremation. (Cremation, Internment and Funeral Services Act, s. 1, "funeral services")

Furniture, Fixtures, and Equipment (FF&E)

The movable property of a business enterprise not classified as stock or inventory or leasehold improvements. Furniture, fixtures, and equipment (non-assessable) frequently wear out much more rapidly than other components of those properties. (The Dictionary of Real Estate Appraisal, 4th edition)

General Service Areas (formerly Local Communities)

General Service taxes are levied by the Ministry of Finance and are used to carry out the business of any of the following: local communities, regional growth strategy areas, islands trust planning areas.

Local Communities administer existing services provided by the regional district within the local community. Regional growth strategies promote human settlement that is socially, economically and environmentally healthy and that makes efficient use of public facilities and services, land and other resources. Islands trust planning areas administer services relating to the management of development under the Local Government Act.

Going Concern

An operating business enterprise that is expected to continue. (The Dictionary of Real Estate Appraisal, 4th ed.)

Going-Concern Value

The market value of all the tangible and intangible assets of an established and operating business with an indefinite life, as if sold in aggregate; also called value of the going concern. (The Dictionary of Real Estate Appraisal, 4th ed.)

Golf Course - Championship

The Championship course is 6,500 to 7,100 yards in length and is the most difficult of all styles. It has a similar hole mix to the Regular course but is longer and contains more obstacles.

Golf Course - Driving Range

Enclosed or open or grass facilities where golf is practiced.

Golf Course - Executive

The Executive course is usually between 4,000 and 5,200 yards in length. It is likely to be found in areas where large tracts of land are scarce and, depending on its length, can be built on 50 to 70 acres of land. The hole mix for the Executive course is usually six to ten par 3's, eight to twelve par 4's and an occasional, short par 5.

Golf Course - Regular (18+ holes)

The Regular course, which can be municipally or privately owned, is usually between 5,800 and 6,600 yards in length. It encompasses an area of land between 115 and 130 acres. This 72 par course is usually comprised of four par 3's, ten par 4's and four par 5's. Sand traps, mounds and water hazards are more frequent on Regular courses.

Golf Course- Par 3

An average Par 3 is between 1,000 and 3,000 yards in length. It is generally the least challenging, often lacking in obstacles to the golfer. A Par 3 course caters to beginners and seniors.

A business's reputation, patronage and other intangible assets that are considered when appraising the business, especially for purchase; the ability to earn income in excess of the income that would be expected from the business viewed as a mere collection of assets. (Black's Law Dictionary, 8th edition)

Goodwill Value

The value attributable to goodwill. (The Dictionary of Real Estate Appraisal, 4th ed.)

Government/Expropriation Sale

The property is taken from a private individual or corporation by government in exchange for compensation. The sale does not generally involve a motivated vendor.

Grandfathering

In the context of strata accommodation properties, the term refers to the continued classification of a strata lot in Class 1 on the basis that the strata lots are part of a complex of 20 or more strata lots, used or available for overnight accommodation, and either: not controlled or managed by a person who controls or manages at least 85% of the strata lots; or not rented or offered for rent as overnight accommodation for periods of less than 7 days for at least 50% of the year ending June 30. (Assessment Act, s. 19.1)

Despite the term, once "grandfathered", the strata lot must meet the criteria set out in s. 19.1 of the Assessment Act every year.

Grant Rolls

Grants in Lieu of Taxes (GILT) for provincial purposes and Payments in Lieu of Taxes (PILT) for federal purposes rolls (also known as "grant rolls") are produced by BC Assessment for use by taxing authorities as well as provincial and federal government ministries and Crown corporations responsible for GILT and PILT.

The Grant rolls provide a separate listing of properties on which GILTs or PILTs are paid. These rolls are similar to the assessment rolls except that they only report the values subject to a GILT or PILT. (Payment in Lieu of Taxes Act and Regulations; Municipal Aid Act and Regulations)

Greater Board

Means the corporate body, incorporated by an Act, with responsibility for the provision of water or sewage and drainage services. (Community Charter, s. 5 and Schedule, "greater board")

Gross Building Area (GBA)

The total constructed area of a building. This area is computed by measuring to the outside finished surface of permanent outer building walls. It includes all enclosed floor areas of the building including basements, mechanical rooms etc. GBA is only quoted by Landlords and Property Managers when an entire building is leased to a single tenant. (Building Owners and Managers Association - BOMA, 1996 & BCA)

Gross Leasable Area (GLA)

In general GLA will be equivalent to Floor Rentable Area as defined by BOMA. Floor Rentable Area is the gross measured area of a floor less the area of major vertical penetrations (e.g. ventilation shaft, elevator shafts & stairs). Total Building GLA is equivalent to Building Rentable Area or sum of all Floor Rentable Areas.

However, since GLA is reported on a different basis by property owners throughout B.C., the reported rentable area will be adopted as GLA-Office. All properties (Income Records) linked to an Office Model will:

· have the same floor measurement standard applied

· be valued with economic rates determined on the same floor measurement standard.

(Building Owners and Managers Association - BOMA 1996 BCA modified)

Gross Leasable Area (GLA) - INDUSTRIAL

In general, the Society of Industrial & Office Realtors space measurement standard will apply, as follows:

Single Occupancy Buildings: The ground and upper floors are measured from the exterior wall face to the exterior wall face including the area of any projections

However, since GLA is reported on a different basis by property owners throughout B.C., the reported rentable area will be adopted as GLA-Industrial. All properties (Income Records) linked to an Industrial Model will:

· have the same floor measurement standard applied

· be valued with economic rates determined on the same floor measurement standard.

Exemption:

Because the self storage industry measures the size of the properties and quotes the potential income rates, the correct unit of measure for all self-storage models and income records is NLA, not GLA.

(Society of Industrial & Office Realtors-BC Assessment Modified)

Gross Leasable Area (GLA) - Retail

GLA will be the store rentable area as reported by building owner or manager due to the variation in space measurements standards across B.C.

In general, Shopping Centre GLA will be the total floor area designed for the occupancy and exclusive use of tenants, including basements and mezzanines. Area is measured from the centre of partitions that separate the subject store area from the adjoining store area and to the outside finished wall surface. Where there are recessed entrances or similar deviation from the building line, the area within the building line is measured in the GLA. Since variability exists in the measured GLA, as defined in retail lease agreements, the store rentable area reported by the building owner or manager will be the GLA.

NOTE: this definition departs from Building Owners and Managers Association (BOMA) standards but is consistent with B.C. industry standards.

Gross Leasable Area (GLA) OFFICE

In general, GLA will be equivalent to Floor Rentable Area as defined by BOMA. Floor Rentable Area is the gross measured area of a floor less the area of major vertical penetrations (e.g. ventilation shaft, elevator shafts & stairs). Total Building GLA is equivalent to Building Rentable Area or sum of all Floor Rentable Areas.

However, since GLA Office is reported on a different basis by property owners throughout B.C., BCA practice will be to adopt the floor area reported by owners/managers as GLA Office. All properties within a Competitive Market Set will:

· have the same floor measurement standard applied

· be valued with economic rates determined on the same floor measurement standard.

(BOMA 1996 - BCA Modified)

Guest Suite

In the context of Residential Strata properties, a room used by guests of residents.

Half Storey

The topmost (above grade) floor in a building that is resident over an existing storey with oblique walls or vertical walls less than 8 feet but greater than 4.5 feet in height. This habitable space is available under the same roof as necessary to cover the storey below and should provide a ceiling height sufficient for the average person to stand comfortably. Access to the 1/2 storey is provided by a full staircase originating from the storey below.

Health Authority - Regional Health Board

A health authority (i.e., a regional health board) is the body designated by the Minister of Health by regulation made under section 4 of the Health Authorities Act. A health authority is responsible for the provision of health services within a particular region. There are 5 designated health authorities: Fraser Health Authority; Interior Health Authority; Northern Health Authority; Vancouver Coastal Health Authority; and Vancouver Island Health Authority. The Provincial Health Services Authority, which is created under the Society Act, is not a designated regional health board. (Health Authorities Act, section 4; Regional Health Boards Regulation; BCA)

Heritage Site

Heritage Site

Land, whether designated or not, including land covered by water that has heritage (cultural) value to British Columbia, a community or an aboriginal people.

In British Columbia, heritage sites are commonly related to First Nations use and occupancy. Section 13(2) of the Heritage Conservation Act defines several categories of sites that are automatically protected. These include burial sites, aboriginal rock art, and any site containing artifacts, features, materials or other physical evidence of human habitation or use before 1848. Common pre-1846 sites include shell middens, habitation sites and older culturally modified trees, rock painting or rock carvings. (Heritage Conservation Act, s. 13(2))

Designated Heritage Site (Provincial)

A heritage site designated under section 9 of the Heritage Conservation Act or a Provincial heritage property established under section 23 of this Act. In most cases, this designation is applied to heritage properties. Examples include Hudson's Bay Trading Houses, historic public buildings (e.g. Provincial legislature, court-houses), heritage homes and historic railway stations.

Since section 11 of the Heritage Conservation Act requires government to compensate an owner of the designated property if designation results in a reduction in the market value of the designated property, properties are rarely designated in BC.

All other types of provincial heritage sites (see definition above), not designated. The vast majority of heritage sites in BC are non-designated. While it is important to have a general awareness of the distinction between "designated" and "non-designated" heritage sites, all known heritage sites (as defined in the Heritage Conservation Act) are given the same level of legal protection from disturbance. Non-designated sites are not recorded in the Land Titles system.

Municipal Heritage SiteSection 967 of the Local Government Act and section 593 of the Vancouver Charter enable municipalities to designate heritage sites. The content of these provisions, regarding designated heritage sites, is similar in content to the provisions of the Heritage Conservation Act. (Local Government Act and the Vancouver Charter)

Heritage Sites and Objects Register

This register is maintained by the Archaeological Site Inventory Section of the Ministry of Jobs, Tourism and Innovation. It is the authoritative source for all recorded heritage sites in BC. The register contains information on the location and type of site or object provincially designated, as well as the designating Order in Council number and information as to where more details can be obtained. The register also contains an inventory of all known archaeological sites that are protected under section 13 of the Heritage Conservation Act. There are currently approximately 30,000 such sites in the inventory. (Ministry of Jobs, Tourism and Innovation)

Heterogeneous

A descriptor generally applied to single family residential neighbourhoods with a diversity of construction types, features, and age of housing. A heterogeneous neighbourhood is more commonly encountered in rural areas. (International Association of Assessing Officers (IAAO) - BC Assessment Modified)

High Water Mark

The visible high water mark of a stream where the presence and action of the water are so common and usual, and so long continued in all ordinary years, as to mark on the soil of the bed of the stream a character distinct from that of its banks, in vegetation, as well as in the nature of the soil itself, and includes the active floodplain. (Riparian Areas Regulation (RAR), B.C. Reg. 376/2004, s. 1, "High water mark" (Fish Protection Act))

Highest and Best Use

That reasonably probable and legal use of vacant land or an improved property that is physically possible, legally permissible, appropriately supported, financially feasible, and that results in the highest value. (Appraisal of Real Estate 2nd Canadian Edition, 2002)

Highly visible

In the context of home based businesses, highly visible means it is likely clear to the neighbours and even passersby that commercial use is being made of the property (e.g., purpose-built extension or separate building with identifiable use, such as boat repair; on-site signage advertising a commercial aspect, such as a hair dresser or dog groomer).

Hi-Rise

A structure 5 stories or higher.

Home Based Business

A business use which is carried out property which is primarily intended for residential use, either in the main residence or other buildings located on the property.

Homogeneous

A descriptor generally applied to single family residential neighbourhoods where there are several groups of homes that are all relatively or reasonably similar in age, construction, and features. A homogeneous neighbourhood is more commonly encountered in urban and suburban areas. (International Association of Assessing Officers (IAAO) - BC Assessment Modified)

Hospital

A non-profit institution that has been designated as a hospital by the minister and is operated primarily for the reception and treatment of persons:

(a) suffering from the acute phase of illness or disability;

(b) convalescing from or being rehabilitated after acute illness or injury; or

Includes laboratories, laundries and other premises used in conjunction with a hospital. (Hospital District Act, s. 1, "hospital facilities")

Hotel

An establishment that provides lodging and usually meals and other services for travellers and other paying guests. (The American Heritage Dictionary of the English Language, Fourth Edition)

Hotel - Economic Rate (Market Rate)

The Economic Rate is equivalent to the unadjusted average daily room rate observed over the yearly operating period for typical hotel-motel properties (Occupancies) in a specific hotel-motel Competitive Market Set (Model). The Economic Rate (average daily room rate) will reflect typical facilities, amenities and services provided by the hotels/motels in the Competitive Market Set.

Hotel Categories

The following sub-categories are available for identifying distinct hotel-motel Models (e.g. Competitive Sets), where necessary:

Vacancy is the inverse of stabilized Hotel-Motel occupancy. Conversion from industry or local market information will be required to state an Economic Vacancy equivalent.

Improvement Districts

Public corporate bodies which operate independently of regional districts or any other administrative jurisdiction. Improvement districts may provide such diverse services as fire protection, water service or dykes, sewers, utilities, street lighting, construction and operation of a hospital.

Improvements

Any building, fixture, or other similar structure attached to land or another improvement. An improvement is defined by Section 1 of the Assessment Act as: "Any building, fixture or structure on or in land (or water over land) or on or in another improvement, but does not normally include any of the following:

(a) production machinery;

(b) anything intended to be moved as a complete unit in its day to day use;

(c) furniture and equipment that is not affixed for any purpose other than its own stability and that is easily moved by hand".

(2) Without limiting the definition of "improvements" in subsection (1), the following things are deemed to be included in that definition unless excluded from it by a regulation under section 22 (1) (a) or 74 (2) (d):

(m) docks, wharves, rafts and floats;(n) floating homes and any other floating structures and devices that are used principally for purposes other than transportation

(Assessment Act)

Incurable Defects

A defect that cannot be cured is one that affects the substance of the notice. The substance of a complaint about an assessment is affected where there is no way for BC Assessment to know the case it has to meet. The failure to identify the property in respect of which the complaint is made and the failure to identify the person making the complaint are two examples of substantive or incurable defects.

Independent Agent

An individual, acting as an agent who is not employed by an agency.

Independent Living

Apartment-style accommodations that provide supportive services such as meals in a communal dining room, light housekeeping and flat linen service, 24-hour emergency response and organized activities. These facilities are not licensed and cannot provide any nursing assistance. Residents must be fairly independent, cognizant and mobile.

Industrial Automotive Property

Industrial Automotive Properties include:

· All Auto Service Stations including the following Self-Service configurations:

A credit which GST/HST registrants may claim for GST/HST paid or payable on purchases relating to a commercial activity.

For example, improved with a single family residence, two-family residence, a single family residence containing housekeeping or sleeping rooms, or a residence containing not more than three self-contained units or a combination of separate residences used, or designed for use by no more than three families.

Note that there is a special provision extending this relief where an eligible property is transferred to a spouse during the owner's life or by way of an estate settlement.

Property usually held by a government body for the benefit of the public good, i.e. school, hospital, correctional center.

Instrument

(a) a Crown grant or other transfer of Crown land, and

(b) a document or plan relating to the transfer, charging or otherwise dealing with or affecting land, or evidencing title to it, and includes, without limitation

(c) a grant of probate or administration or other trust instrument, and

(ii) an Act (Land Title Act, s. 1, "instrument")

Intangible Assets

Non-physical assets such as franchises, trademarks, patents, copyrights, goodwill, equities, mineral rights, securities, and contracts (as distinguished from physical assets) that grant rights and privileges, and have value for the owner. (The Dictionary of Real Estate Appraisal, 4th ed.)

Intangible Personal Property

Property that has no physical existence beyond merely representational, nor any extrinsic value; includes rights over tangible real and personal property, but not rights of use and possession. Its value lies chiefly in what it represents. Examples include corporate stock, bonds, money on deposit, goodwill, restrictions on activities (for example, patents and trademarks), and franchises. (The Dictionary of Real Estate Appraisal, 4th ed.)

Integrated Cadastral Information Society (ICIS) Spatial Data

A single source of integrated provincial land and land-related data from British Columbia's major utilities, provincial government ministries, crown corporations and local governments.

Interest During Construction (IDC)

The cost of borrowing money to meet project construction expenditures. Interest During Construction is applied to the Facility based on the total replacement cost new (RCN) of the Facility.

Interest During Construction (IDC) MIPS

IDC accounts for interest paid on money borrowed to finance construction, or interest that could have been earned on money used during the period of construction. Div 10 of the MIP Manual gives instructions on how IDC is to be applied. It also contains the IDC table which provides factors dependant on the total plant improvement value.

Interested Person

An individual or entity with no direct involvement in the appeal management and no rights to make submissions or participate in hearings. An Interested Party (once registered with PAAB) is kept informed with copies of Board correspondence, orders and decisions. (Property Assessment Appeal Board)

Interim Sale Date

The date on which the vendor and purchaser entered into a contract of purchase and sale.

Interim Use

The use to which a site or improved property is put until it is ready for its future highest and best use.

Interim use is a current highest and best use that is likely to change in a relatively short time. Interim uses therefore are improvements whose income has a net present value above the net present value of holding a site as if vacant for a perceived future highest and best use. The future highest and best use must be predictable with a reasonable degree of reliability; and maximize a site's value. This implies that the future highest and best use would be relatively superior to (or more intense than) the interim use. (Appraisal of Real Estate 2nd Canadian Edition, 2002)

Internal Inspection

Used to describe the job function done by a BC Assessment appraiser when they visit a property to inspect the building inside and out for the purpose of collecting or verifying the physical property characteristics.

Intervenor

A party added pursuant to (PAAB) Rule 12 whereby the Board may limit their participation. An Intervenor generally has an indirect interest in the appeal. (Property Assessment Appeal Board - PAAB)

Inventory

Means Goods that are:

(a) held by a person for sale or lease, or that have been leased by that person as lessor,

(b) to be furnished by a person or have been furnished by that person under a contract of service,

(c) raw materials or work in progress, or

(d) materials used or consumed in a business.

(Personal Property Security Act, s. 1, "Inventory")

Island Trust Areas

This area, established in September 1974, lies in the south coastal region of the province. The object of the trust is to "preserve and protect the trust area and its unique amenities and environment for the benefit of the residents of the trust area and of British Columbia generally, in cooperation with municipalities, regional districts, improvement districts, other persons and organizations and the government of British Columbia". Islands trust area taxes are levied by the Ministry of Provincial Revenue and are used by the Islands Trust to fulfil its mandate.

Joined Appeal

On application by a party or at the board's own initiative, the board may consolidate all or part of an appeal with any other appeal:

(a) involving the same property whether appealed in the same year or another year; or

Ownership of land by two or more persons whereby, on the death of one, the survivor or survivors take the whole estate.

Kiosk

A small free-standing booth (typically around 100 sq ft) within an enclosed mall designed to encourage impulse buying. Kiosks in heavy traffic areas help create the atmosphere of a marketplace. Most permanent Kiosks tenancies are under short-term leases or license agreements, usually for 1 year.

Other related small scale specialty retail units are "Carts" and "Retail Merchandising Units", both smaller than a typical Kiosk unit

Land

includes

(a) land covered by water,

(b) quarries, and

(c) sand and gravel,

but does not include coal or other minerals;

(Assessment Act, s. 1(1), "Land")

Land Assembly

The property was bought/sold with the goal of "assembly" with nearby property to create a new parcel of sufficient size to achieve maximum density. The sale price may reflect an additional premium assigned by the market for "bonus density" achieved upon assembly.

Land Characteristic

A land characteristic describes a feature of the land component.

Land on Which the Building Stands

...the "land on which the building stands" is the footprint of the building or buildings of the hospital, but not the surrounding land. Otherwise, there would be no need for the legislature to have included as separate exemption "the land surrounding the building" because that area would have been included in the former phrase. (Assessors of Area 20 and 23 v. Interior Health Authority (2006, Stated Case 499, BCSC)

Land Surrounding

"..."land on which the building stands" is the footprint of the building or buildings ..., but not the surrounding land. Otherwise, there would be no need for the legislature to have included as separate exemption "the land surrounding the building" because that area would have been included in the former phrase." (Assessors of Areas 20 and 23 v. Interior Health Authority) (2006, Stated Case 499, BCSC, at paragraph 36)

Land Title and Survey Authority (LTSA)

The Land Title and Survey Authority is an independent corporation responsible for maintaining the land title and survey systems of British Columbia. The Land Title Division (sometimes still referred to as LTO for its previous name of land title office) is responsible for the acquisition, maintenance, and provision of access to Land Title information for the province. The Land Title Registry is BC's official legal record of property ownership. (Land Title and Survey Authority (LTSA) of BC)

Lease

A lease is any agreement which gives rise to relationship of landlord and tenant (or lessor and lessee) of real property; contract for exclusive possession of lands or tenements for determinate period. (Black's Law Dictionary, 6th ed.)

Lease Interest

The interest held by the lessee (the tenant or renter) through a lease conveying the rights of use and occupancy for a stated term under certain conditions. (The Appraisal of Real Estate 2nd Canadian Edition)

Commission paid to a leasing agent by an owner as compensation for the procurement of a lease. When leasing fees are spread over the term of a lease or lease renewal, they are treated as a variable operating expense. Initial leasing fees usually fall under capital expenditures for development and are not included among periodic expenses. They are typically 5% to 6% of the base or minimum rent for the term of the lease. For example say the rentable area is 5,000 sq ft for a 5 year term and the base rent is $20.00 per sq ft. The total rent paid over the 5 year period would be $500,000. Therefore, the lease commission would be in the range of $25,000 to $30,000 for this transaction.

Level of Assessment

The overall, or typical, ratio at which properties are appraised. BC Assessment measures the level of assessment with statistical indicators such as the median Assessment to Sale Ration (ASR) and Coefficient of Dispersion (COD). The level of assessment is normally measured on a jurisdiction basis for broad categories of properties (e.g. residential, commercial).

License

A license of real property is a privilege to go onto premises for a certain purpose, but does not operate to confer on, or vest in, licensee any title, interest, or estate in such property. (Black's Law Dictionary 1990)

Licensed Care

Care facilities that are licensed either through the Community Care and Assisted Living Act or as Private Hospitals under Part 2 of the Hospital Act. They are either publicly funded through the Ministry of Health or private-pay. Care facilities are licensed to provide 24-hour nursing car, all meals and snacks, housekeeping, laundry services and organized activities.

Life Estate

An estate (e.g., an interest in land) limited to the life of the party holding it, or to the life of some other person. (Black's Law Dictionary, 6th ed)

Limited Market Property

A property that has relatively few potential buyers at a particular time (Appraisal of Real Estate, 2nd Edition, 2002)

A type of Special Purpose Property (BC Assessment)

Listing

An offering of a property for sale, generally associated with a Multiple Listing Service. (Multiple Listing Service)

Local Areas

Local areas, established under the Local Services Act, are areas within which a particular service is provided and for which extra property taxes are levied on the residents by the provincial government. No formal provision is made for locally elected officials or local political participation. On this basis, a local area may be more properly regarded as an area of decentralized provincial government service than a real local government.

Local areas may be created by the Lieutenant Governor in Council in any unincorporated area for a variety of purposes, including community planning, land use regulation, zoning, subdivision control, public comfort stations, home nursing care, garbage collection and disposal, ambulance service, fire protection, recreation and homes for senior citizens.

Local area taxes are levied by the Ministry of Provincial Revenue and are used by the Administrator in charge of the Local Services Act in the Ministry of Community, Aboriginal and Women's Services to provide services to rural properties.

Local Authority

Means:

(a) a municipality, including the City of Vancouver,

(b) a regional district,

(c) the trust council, a local trust committee and the trust fund board within the meaning of the Islands Trust Act,

(d) a greater board,

(e) an improvement district, and

(f) any other local body prescribed by regulation as a local authority for the purposes of one or more provisions of this Act or the Local Government Act.(Community Charter, s. 5 and Schedule, "local authority")

Lodge

A type of tourism accommodation offering several rooms under one roof with common areas for meals and other activities. In many cases they are offered as a package program including the sale of accommodation, meals and specialized services for a single all inclusive price.

Lo-Rise

A structure 4 stories or less.

Lot

Any portion, piece, division, or parcel of land. A quantity of land held by an owner.

Major Industrial Property (MIP)

A MIP is a property as defined under s. 20 of the Assessment Act and not excluded by the Exemption from Industrial Improvements Regulation(BC Reg 97/88 Assessment Act).

Managed Forest Land

Means land, other than farm land,

(a) that is being used for the production and harvesting of timber,

(b) that is managed in accordance with

(i) the Private Managed Forest Land Act and the regulations under that Act, or

(ii) the Forest and Range Practices Act,

(c) in respect of which

(i) there is a management commitment under section 17 of the Private Managed Forest Land Act, or

(ii) a management plan has been approved under the Forest Act,

(d) with respect to paragraphs (b) (i) and (c) (i), for which the assessor

(i) receives notification from the council under section 17 (4) of the Private Managed Forest Land Act, and

(ii) has not received notification from the council under section 31 (1) or (2) (b) of the Private Managed Forest Land Act, and

(e) that meets other requirements prescribed by regulation of the commissioner for classification of land as managed forest land under this Act;

(4) The actual value of managed forest land is the total of:

(a) the value that the land has for the purpose of growing and harvesting trees, but without taking into account the existence on the land of any trees, and

A living unit in a senior's housing facility that may be occupied by the manager/caretaker for a reduced rent or no charge. This may either be a room or a suite.

Manse

Residence of a clergyperson.

Manufacture

"Manufacturing" is an activity that creates end products different in form, qualities or properties from the original materials. For example, taking separate parts and combining them into motorcycles and servicing and repairing belts can be considered aspects of manufacturing or processing products. The manufacturing process can involve other activities that, although not in and of themselves manufacturing, are so integral to the manufacturing activity that they become part of the manufacturing.

Manufactured Home

A structure, whether or not ordinarily equipped with wheels, that is designed, constructed or manufactured

(a) to be moved from one place to another by being towed or carried, and

(b) to provide

(i) a dwelling house or premises,

(ii) a business office or premises,

(iii) accommodation for any purpose other than those referred to in subparagraphs (i) and (ii),

The Manufactured Home Tax Act does not apply to manufactured homes which are:

(c) licensed and equipped to travel on a public highway, that are occupied by a genuine

tourist and are located within a manufactured home park for a period of less than 60 days; or

(d) that are exempted by regulations. (Manufactured Home Tax Act, ss. 1, "manufactured home", and 4)

Manufactured Home Park

A Manufactured Home Park is "land used or occupied by a person for the purpose of providing space for the accommodation of one or more manufactured homes and for imposing a charge or rental for the use of the space." (Manufactured Home Tax Act, s. 1, "manufactured home park")

This definition is modified by the Policy requirement that a Manufactured Home Park must be a going-concern for assessment purposes. A Highest and Best Use analysis will be necessary to establish whether the Manufactured Home Park provides sufficient income (or potential income) for application of the Income Method.

NOTE: Most Manufactured Home Parks offered for sale contain at least 10 pads for Manufactured Home rental and may also include multiple RV pads or campsites.

Marina

A marina is a facility for temporary or permanent boat mooring, consisting of docks, floats or piers and services such as fuel and ship's stores.

A boat basin that provides dockage and other services to pleasure craft. A structure along which vessels can be held or docked for loading and unloading; usually constructed parallel to the shoreline. If the long side of the dock extends into the water from the shore, it is called a pier.

Marina - Large

A facility with 100+ slips.

Marina - Small

A facility with less than 100 slips.

Market

A market is a set of arrangements in which buyers and sellers are brought together through the price mechanism. A real estate market is a group of individuals or firms that are in contact with one another for the purpose of conducting real estate transactions. Specific real estate markets can be identified by property type, property features, market area, available substitute properties, and complementary properties. (Appraisal of Real Estate, 2nd Canadian Edition, 2002)

The most probable Rent which a leased property should bring for the relevant lease term in a competitive and open market under all conditions requisite t a fair lease transaction, the lessee and lessor each acting prudently and knowledgeably, and assuming the Rent is not affected by undue stimulus between the parties. Implicit in this definition is the consummation of a lease transaction as of a specified date and the passing of occupancy from lessor to lessee under conditions whereby:

· Lessee and lessor are typically motivated;

· Both parties are well informed or well advised, and acting in what they consider their best interests;

· A reasonable time is allowed for exposure in the open market;

· Payment is made in terms of cash in Canadian dollars or in terms of financial arrangements comparable thereto;

· The Rent represents the normal consideration for the leased property in its highest and best use, unaffected by special or creative leasing incentives or allowances granted by anyone associated with the lease transaction; and,

· The prospective lessee is not then in occupation of or has no obligation in respect of the building. (REALPAC AIC-R-1.01-2001)

Section 19 (1) of the Assessment Act of British Columbia, RSBC 1996, Chapter 20, defines Actual Value as "the market value of the fee simple interest in land and improvements." The Court of Appeal of British Columbia in Standard Life Assurance Co. v. Assessor of Area 01 - Capital [1997] (BCCA), determined that the fee simple interest includes all interests in land, or the unencumbered fee simple interest.

Market value is defined as "the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.

Maximum HST Rebate - New Housing

To provide relief to homebuyers, the provincial government implemented an HST (partial) rebate program on the provincial portion of the tax, equalling 5% on the first $525,000 of the purchase price, equivalent to a maximum rebate of $26,250. (Canada Revenue Agency)

Minor Taxing Jurisdictions

Areas for which services are provided comprise regional districts, regional hospital districts (formerly Health Boards), specified, defined, local/extended/service areas, improvement districts, etc. Areas are identified on the database by a code. Coding of these areas defines the base by which service areas levy their taxes for the ratepayers who benefit from the service provided.

Miscellaneous Subdivisions

The various easement, reference, or statutory right-of-way plans associated with a subdivision.

Moderate

Single family dwelling built after 1930. This class provides housing at a moderate cost. It will include a few refinements in limited quantity. The class satisfies minimum CMHC standards and is usually built by speculators to meet the basic housing market. Moderate falls between Fair and Average.

Moorage and Ancillary use Rental Rate

Marinas generate two income streams:

(a) Rental Income from moorage berths (real estate income)

(b) Marina Income - boat rentals, gas sales etc. (business income).

Marina Income is not included in the calculation of potential gross income. However, a rental rate for the space used to generate "marina income" will be included in the valuation, through application of a separate Retail-General model.

The total Potential Gross Income (rental) for a marina is the boat moorage which a marina operation could receive in a given year. This amount is calculated as follows:

Section 967 of the Local Government Act and section 593 of the Vancouver Charter enable municipalities to designate heritage sites. The content of these provisions, regarding designated heritage sites, is similar in content to the provisions of the Provincial Heritage Conservation Act. (Local Government Act and the Vancouver Charter)

Municipal Specific Areas

Municipal Specified Areas are established by Order in Council as a result of a municipal incorporation. The areas are established to provide a means by which the municipality may levy for services provided when the whole or a portion of the area has transferred from the rural area to the municipal area. Municipal Specified Areas are administered by the municipality. Municipal specified areas are levied by the municipality and are used by the municipality and regional districts to provide services such as water, sewer and garbage to municipal properties.

Municipality

Municipality means, as applicable,

(a) the corporation into which the residents of an area are incorporated as a municipality under Part 2 [Incorporation of Municipalities] of the LocalGovernment Act or under any other Act, or

(b) the geographic area of the municipal corporation, but does not include the City of Vancouver unless otherwise provided. (Community Charter, s. 5 and Schedule "municipality")

Net Leasable Area (NLA)

Generally referred to as store area. This area is computed by measuring the area enclosed by: the building line in case of the street frontage; (include recessed entrances and exclude bay windows extending outside building line) the finished surface of the store side of corridors and other permanent walls; and the center of partitions that separate the store area from adjoining store areas.

Net Lease

Generally a lease in which the tenant pays for utilities, janitorial services, and either property taxes or insurance, and the landlord pays for maintenance, repairs, and the property taxes or insurance not paid by the tenant. (Dictionary of Real Estate Appraisal 4th edition)

New Construction

A building project that is under construction or recently completed.

Non-Designated Heritage Site

All other types of heritage sites (see definition above), not designated. The vast majority of heritage sites in BC are non-designated. While it is important to have a general awareness of the distinction between 'designated' and 'non-designated' heritage sites, all known heritage sites (as defined in the Heritage Conservation Act) are given the same level of legal protection from disturbance.

Non-designated sites are not recorded in the Land Titles system. (Heritage Conservation Act)

Non-Market Change

Changes in property value as a result of:

· new construction authorized under local building authority permit (permitted improvements)

· new construction which occurs in an area with no local building permit authority

· property class changes

· exemption changes

· new development or "size" changes to land - including subdivisions, land assemblies and consolidations (Plans Cancellations); new/expired tenures on Crown/exempt land; and

Not established for the purpose of making a profit; not entered into for money (Merriam-Webster Online Dictionary). A corporation no part of the income of which is distributable to its members, directors or officers. (Black's Law Dictionary 6th edition)

NOTE: a society that is created under the Society Act of BC or the Canada Corporations Act will be a non-profit corporation.

Non-Profit Organization

A non-profit organization is defined as a society constituted under the Society Act, RSBC 1996, c. 433, as amended or federal legislation. Section 2 of the Society Act below, identifies the scope of a society.

2(1) A society may be incorporated under this Act for any lawful purpose or purposes such as national, patriotic, religious, philanthropic, charitable, provident, scientific, fraternal, benevolent, artistic, educational, social, professional, agricultural, sporting or other useful purposes, but not for any of the following:

(a) the operation of a boarding home, orphanage or other institution for minors, or the supplying of any other form of care for minors without the written consent of the director designated under the Child, Family and Community Service Act for the purposes of this section;

(b) the ownership, management or operation of a hospital without the written consent of the Minister of Health;

(c) [Repealed 2004-27-2]

(d) the purpose of paying benefits or rendering services as described in sectino 14 without the written consent of the Superintendent of Financial Institutions;

(e) any purpose without the consent of an existing society should the registrar require it;

(f) the purpose of carrying on a business, trade, industry or profession for profit or gain.

(2) Carrying on a business, trade, industry or profession as an incident to the purposes of a society is not prohibited by this section, but a society must not distribute any gain, profit or dividend or otherwise dispose of its assets to a member of the society without receiving full and valuable consideration except during winding up or on dissolution and then only as permitted by section 73.

There may be other non-profit organizations that are not societies, but these organizations will require further investigation and cannot be assumed to be non-profit in the same sense as registered societies.

Non-Profit Organization (Corporation)

A corporation no part of the income of which is distributable to its members, directors or officers. (Black's Law Dictionary, 6th edition)

NOTE: a society that is created under the Society Act of BC or the Canada Corporations Act will be a non-profit corporation.

Non-Sale

A non-sale is a property transaction that does not involve the transfer of an interest in a property (e.g. subdivisions or LTSA address change transactions). Generally, a non-sale property transaction will be for an amount less than or equal to one dollar.

Notice of Complaint (Appeal) to the Property Assessment Review Panel

Written notice from the property owner, assessor, or other party requesting a review of the assessment by the Property Assessment Review Panel. According to section 33(3) a notice of complaint must:

(a) clearly identify the property in respect of which the complaint is made,

(b) include the full name of the complainant and a telephone number at which the complainant may be contacted during regular business hours,

(c) indicate whether or not the complainant is the owner of the property to which the complaint relates,

(d) if the complainant has an agent to act on the complainant's behalf in respect of the complaint, include the full name of the agent and a telephone number at which the agent may be contacted during regular business hours,

(e) include an address for delivery of any notices in respect of the complaint,

(f) state the grounds on which the complaint is based under section 32 (1), and

(g) include any other prescribed information.

(Assessment Act, s. 33(3))

Occupier

(a) a person who, if a trespass has occurred, is entitled to maintain an action for trespass,

(b) the person who is in possession of Crown land that is held under a homestead entry, pre-emption record, lease, license, agreement for sale, accepted application to purchase, easement or other record from the Crown, or who simply occupies the land,

(c) a person who is in possession of land the fee of which is in a municipality and that is held under a lease, licence, agreement for sale, accepted application to purchase, easement or other record from the municipality, or who simply occupies the land,

(d) a person who is in possession of land the fee of which is in, or is held on behalf of, a person who is exempted from taxation under an Act and that is held under a lease, licence, agreement for sale, accepted application to purchase, easement, or other record from the person exempted from taxation or who simply occupies the land, or

(e) in relation to land that

(i) is Crown land, land the fee of which is in a municipality or land the fee of which is in, or held on behalf of, a person who is exempted from taxation under an Act, and

(ii) in ordinary conditions

(A) is covered by non-tidal water, or

(B) sometime during a calendar year is covered by tidal water,

a person who is entitled under a licence or lease to possess or occupy, or who simply occupies, the land, the water covering the land or the surface of the water covering the land;

(Assessment Act, s. 1, "occupier")

Order-in-Council

Subordinate legislation made under the authority of a statute. Orders may be made by the Lieutenant Governor in Council. Orders are generally used to handle day-to-day administrative matters. While most orders are administrative in nature, some may be classed as regulations. (BC Laws)

Outliers

Values that differ markedly from a measure of central tendency. Some outliers occur naturally; others are due to data errors. (International Association of Assessing Officers (IAAO))

Overnight Accommodation (Strata Lot)

Any strata lot that is used or available for overnight stays (e.g., any place that has a bed) whether or not it is rented and regardless of the length of stay.

Owner

An owner of real property as defined in the Assessment Act. (Assessment Act, s. 1, "owner")

Parcel

A lot, block, or other area in which real property is held or into which real property is subdivided and includes the right or interest of an occupier of Crown land, treaty lands of a treaty first nation or Nisga'a Lands, but does not include a highway or portion of a highway. (Assessment Act, s. 1, "parcel")

Parcel Identifier (PID)

A nine-digit number assigned by the Land Title and Survey Authority (LTSA) that uniquely identifies a parcel in the land title register of in British Columbia. The Land Title Act refers to the PID as the permanent parcel identifier.

Parent Parcel

When a parcel is subdivided into smaller lots, then the original parcel is called the parent parcel. The parent parcel may be totally divided up by the new subdivision and therefore cease to exist as a legal entity, or just portions of the parent parcel may be subdivided off.

Parking Unit

A Unit of Measure equivalent to a typical parking stall associated with a specific Parking Occupancy. There is a range of parking stall sizes within parking lots and parkades depending on factors such as provision of angle vs. perpendicular parking arrangements, need for handicapped stalls, bicycle or motorcycle storage, and age of parking lot (parking stall size has changed over the years). It will be necessary to account for this variation in analysis of Economic Rates for various Parking Occupancies.

Partial Interest Sale

The sale of a divided or undivided right in real estate that represent less than the whole.

(The Appraisal of Real Estate 3rd edition)

Partnering Agreement

An agreement between a local government and another entity for provision of a local government service.

(Please note: there are two different sets of definitions, depending on whether a municipality or a regional district is a party to the agreement)

A form of additional rent in which the tenant pays a proportionate share of the operating expenses. Pass throughs can cover a wide range of expenses and are typically defined in the lease document. (The Dictionary of Real Estate Appraisal, 4th edition)

Percentage Rent

Rental income received in accordance with the terms of a percentage lease; typically derived from retail store and restaurant tenants and based on a percentage of their gross sales. (The Dictionary of Real Estate Appraisal, 4th edition)

Permanent Structure (Riparian Areas)

Any building or structure that was lawfully constructed, placed or erected on a secure and long-lasting foundation on land in accordance with any local government bylaw or approval condition in effect at the time of construction, placement or erection. (Riparian Areas Regulation (RAR), B.C. Reg. 376/2004, s. 1, "permanent structure" (Fish Protection Act))

Permit

A written licence or warrant [e.g. document] issued by a person with authority empowering the grantee to do some act not forbidden by law, but not allowable without such authority. (Black's Law Dictionary, 6th Ed)

Permits are typically issued for a short-term and generally deal with rights to use land. Examples of permits are: park use permits, special use permits, land use permits, resource use permits, etc. (BC Assessment)

Person

An individual but also "includes a partnership, syndicate, association, corporation, association, and the agent and trustee of a person". (Assessment Act, s. 1, "person")

Personal Property

Identifiable tangible objects that are considered by the general public as being "personal," for example, furnishings, artwork, antiques, gems and jewellery, collectibles, machinery and equipment; all tangible property that is not classified as real estate. (The Appraisal of Real Estate, 3rd edition)

Philanthropy

An altruistic concern for human welfare and advancement, usually manifested by donations of money, property, or work to needy persons, by endowment of institutions of learning and hospitals, and by generosity to other socially useful purposes. (Random House Unabridged Dictionary, 2006)

Place of Public Worship

It is clearly correct to take into account the principal use of the properties in considering the context of "place". ...The fact that an incidental use [of places] includes "public worship" ...does not change their principal use. ...a "place of public worship" ...must be recognizable as a place having as its principal use "as a place where people come together as a congregation or assembly to do reverence to God" ...also include an invitation to members of the public, within the accepted meaning of the "invitation test". (Young Life v. Assessor of Area 08 - North Shore/Squamish).

Public worship requires openness without discrimination to the general public: the invitation test. Factors such as the structure of the building, public notices, the number of persons attending and advertisements may be taken into account.

Persons may come from different places and be entirely unknown to one another but so long as they are properly disposed in the sense that they are reasonably suitable and prepared to behave with reasonable conformity and are then admitted, the worship may be considered public (SCI Canada Limited v. Assessor of Area 09 - Vancouver, 1995, Stated Case 366, BCSC, dismissed by BCCA).

A pastor's residence or manse or parsonage will not be exempt as a place of public worship because its principal character is as a residence, and not as a place of public worship. (BC Assessment)

Plant

A collection of industrial improvements and associated land used for a purpose identified in s. 20 of the Assessment Act. A plant may be comprised of one, many or only part of a folio.

Plant - Primary Site

The primary plant site is the site containing the majority, or highest concentration of plant improvements.

Plant Capacity

The production capability for which the plant was designed. Design capacity may differ from current or actual production.

Plant Primary Division

The division of the MIPs manual which the Manual Overview directs the user to start the costing process. The Plant Primary Division is dictated by Industrial Plant Type.

Pollution

The presence in the environment of substances or contaminants that substantially alter or impair the usefulness of the environment. (Environmental Management Act, s. 1, "pollution")

Possession

Having control over a thing with the intent to have and to exercies such control. Actual possession exists when a person knowingly has direct physical control over a thing at a given time. (Black's Law Dictionary 6th edition)

Primary Agricultural Production

For the purposes of farm classification, land uses identified in Schedule A of the Classification of Land as a Farm Regulation, B.C. Reg. 138/2012, s. 1 and Schedule A. (Assessment Act)

Private hospital or Hospital

Means a house in which 2 or more patients, other than the spouse, parent or child of the owner or operator, are living at the same time, and includes a nursing home or convalescent home, but does not include a hospital as defined in section 1 of the Hospital Act. (Hospital Act, Part 2, s. 5(1), "private hospital" or "hospital")

Private Managed Forest Land

Means private land:

(a) in respect of which there is a management commitment, and

(b) that is classified as managed forest land under the Assessment Act. (Private Managed Forest Land Act, s.1 (1), "private managed forest land")

Private Managed Forest Land Council

Established under section 4 of the Private Managed Forest Land Act; The Private Managed Forest Land Council is established as a corporation consisting of the members appointed under section 6. The object of the council is to encourage forest management practices on private managed forest land, taking into account the social, environmental and economic benefits of those practices. (Private Managed Forest Land Act, Part 2)

Private Pay (hospital or seniors' housing)

Rates are set at market levels the resident is responsible for 100 per cent of the fee without any subsidy or funding from the government.

Processing

A procedure which results in a change in the nature or appearance of the goods and treatment which makes the goods more marketable. Furthermore, a process typically involves a series of steps rather than just one activity.

Product

Something that is distributed commercially for use or consumption and that is usually:

1. tangible personal property,

2. the result of fabrication or processing, and

3. an item that has passed through a chain of commercial distribution before ultimate use or consumption. (Black's Law Dictionary, 8th Edition)

Professional Experts (Contaminated Sites)

The Ministry of Environment maintains a roster of professional experts who are authorized under section 49.1 of the Contaminated Sites Regulation to make recommendations to the Director concerning the issuing of Approvals in Principle, Certificates of Compliance, Determinations that a site is/or is not a Contaminated Site, Contaminated Soil Relocation Agreements, and background releases (based on Table 1 of Protocol 4) for low to moderate risk sites.

The Tribunal members appointed by the Lieutenant Governor in Council under the Assessment Act. The Property Assessment Appeal Board, also referred to as the "Board" or "PAAB", is the second level of appeal for property assessments in BC. Property Owners may appeal decisions made by a Property Assessment Review Panel (PARP) to the Board. The Board may be organized into panels. (Assessment Act, ss. 1(1) and 43; BCA)

Property Assessment Review Panel (PARP) Complaint Deadline

Under section 33(2) of the Assessment Act, the deadline for filing a notice of complaint is January 31. For more information, refer to: http://www.cscd.gov.bc.ca/parp/

Property Assessment Review Panel (PARP) Hearings

The adjudication of a complaint to the PARP, taking place between February 1 and March 15 each year. For more information, refer to: http://www.cscd.gov.bc.ca/parp/

Property Assessment Review Panel (PARP) or Review Panel

A panel appointed by the Minister under section 31 of the Assessment Act. A review panel consists of three members, one of whom will be designated as the chair. Members are often appointed in the school districts where they live. The review panel's role is to ensure that property assessments reflect actual values (market value), and that they are applied consistently within a municipality or rural area. Panel members do this by investigating and adjudicating property assessments.

Property Class

For property taxation purposes in British Columbia, the assessor assigns one or more property class to each property according to the description of these classes in a provincial regulation. There are nine classes: residential, utilities, supportive housing, major industry, light industry, business and other, managed forest land, recreational property/non-profit organization and farm.

It is possible for a single property to have part of its value in one class and part in another class. For example, a retail store with an apartment above it would have the value of the apartment in residential class and the value of the store in the business and other class. These different classes exist so that taxing jurisdictions (such as a city) can assign varying tax rates to different property types. For example, the tax rate for light industrial property might be significantly higher than that for a residential property.

A person (including a company) who, under contract with the property owner, operates and manages real property for the owner.

Property Transfer Tax (PTT)

Property Transfer Tax is a land registration tax. It must be paid when an application for a taxable transaction is made at any Land Title Office in British Columbia to register changes to a certificate of title. Property Transfer Tax is payable on the fair market value of the property being transferred. For more information, refer to: www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax

Property Value Summary (PVS) - Commercial

Summary of physical inventory and valuation information about a commercial, industrial or investment property.

Property Value Summary (PVS) - Residential

Summary of physical inventory and valuation information about a residential property.

Provincial Heritage Sites and Objects Register (Provincial

This register is maintained by the Archaeological Site Inventory Section of the Ministry of Jobs, Tourism and Innovation. It is the authoritative source for all recorded heritage sites in BC. The register contains information on the location and type of site or object provincially designated, as well as the designating Order in Council number and information as to where more details can be obtained. The register also contains an inventory of all known archaeological sites that are protected under section 13 of the Heritage Conservation Act. There are currently approximately 30,000 such sites in the inventory. (Ministry of Jobs, Tourism and Innovation)

Provincial Land

Land of which the government is the registered owner, but not land

• that forms part of an undertaking to conserve, irrigate, reclaim, rehabilitate or reforest land, • that is a park, monument or historic site, • under the control, management or administration of the British Columbia Hydro and Power Authority, the British Columbia Railway Company, the Workers' Compensation Board, or a corporation, commission, board or agency specified by the Lieutenant Governor in Council, • that forms part of a highway under the Transportation Act, or a road, street, lane or right of way designed or intended for use by the general public, or a place or passage way to which the public has access or is invited, or gravel pit or quarry, • leased or occupied by a person from whom a municipality may levy and collect property taxes by reason of the person's interest in or occupation of the land or improvements on the land, • that is vacant, except if designated for use or used for a specific purpose by the government, • that forms part of a forest nursery, tree farm licence or access road, or • specifically exempted from this definition by the Lieutenant Governor in Council (see B.C. Reg. 219/96, the Provincial Land Definition Exemption Regulation). (Municipal Aid Act, s. 1: Provincial Land Definition Exemption Regulation, B.C. Reg. 219/96)

Public athletic or recreational purposes

An athletic or recreational property may be considered public if it is open to all members of the public with full and complete access and, if there is a membership to use the facility, there are no special privileges associated with membership.

(paraphrased from: Assessor of Area 06 - Courtenay v. Seven Hills Golf & Country Club and Doman Group of Properties 2005 PAABBC 20042009)

Public Authority

Means any of the following:(a) the government of Canada, the government of British Columbia or the government of another province, or an agent of any of them;(b) a local government body, educational body or health care body, as those terms are defined in the Freedom of Information and Protection of Privacy Act; (c) a first nation; (d) a body in another province or country that provides local government services;(e) any other body prescribed by regulation as a public authority for the purposes of one or more provisions of this Act or the Local Government Act.(Community Charter, s. 5 and Schedule, "public authority")

Public Information

Information that is not confidential information.

Assessment information which is publicly available, including information on the face of the roll, physical inventory for a residential property as prescribed by Section 3.2 of the Assessment Act Regulation, B.C. Reg. 433/98 (Disclosure of physical inventory information), information disclosed by an order in an assessment appeal proceeding, or information for sale by BC Assessment. See note above respecting confidential information. As a result of the Information Privacy Commissioner's Sept 1, 2005 decision (Hudson's Bay FOI inquiry decision - [2005] B.C.I.P.C.D. No. 39) the following information is also deemed to be publicly available:• Derived information - e.g., information derived from actual information gathered by BC Assessment or provided to BC Assessment. BC Assessment analyses actual information to develop a series of market inputs for valuation of a range of properties ("derived information"). Actual financial performance and related information of a property provided to BC Assessment will continue to be treated as confidential by BC Assessment. • Readily available physical information of a property, such as the physical inventory, (i.e.) property size, general improvement description, gross building area and building rentable area (gross or net).Information provided by property owners (e.g. actual rents, vacancies, rent rolls, etc.) will also continue to be treated as confidential and must not be disclosed to anyone other than the property owner, a duly authorized agent of the property owner, or through an order in the course of an appeal.

Public Worship

...for "worship" to be "public" it must involve the coming together of people in a corporate event to which members of the public are given notice that they are invited to attend and to which members of the public feel invited. ...individual private worship is not public worship. ...That members of the public are welcome to participate in worship in the minds of the gathered community, does not make it "public worship". ...The fact that corporate worship events take place ...and that a passing member of the public may occasionally attend some of those events, does not transform the worship event into public worship. (Young Life v. Assessor of Area 08 - North Shore/Squamish (2005, Stated Case 487, BCSC - decision dated July 19, 2005)

Publicly Funded (Senior Care Facility or Hospital)

Funds or monies are received from the Ministry of Health for each resident occupying a funded bed in the facility. The government funding is supplemented by the resident's per diem fee.

Qualified Environment Professional

An applied scientist or technologist, acting alone or together with another qualified environmental professional, if:(a) the individual is registered and in good standing in British Columbia with an appropriate professional organization constituted under an Act, acting under that association's code of ethics and subject to disciplinary action by that association,(b) the individual's area of expertise is recognized in the assessment methods as one that is acceptable for the purpose of providing all or part of an assessment report in respect of that development proposal, and (c) the individual is acting within that that individual's area of expertise.(Riparian Areas Regulation (RAR), B.C. Reg. 376/2004, s. 1, "Qualified environmental professional" (Fish Protection Act))

Qualified Sale

Data from Land Title and Survey Authority (LTSA) indicates the sale meets criteria to be used for analysis.

Quality

Quality refers to the grade of materials and workmanship employed in constructing the improvements. A Quality adjustment is a positive or negative deviation from the standard described in the manual class. A Quality adjustment is made for features that are present in all homes (e.g. counter tops, flooring, windows), not exceptional features found in only some homes. Examples of higher and lesser quality in residential improvements are:• stone counters/laminate counters • solid hardwood floors/laminate hardwood • tile/stone floor/sheet vinyl floor • jetted bathtub/standard tub • drywall/panelling • vinyl, double glazed windows/aluminum or wood single glazing.

Quality - Economic Rate

Qualities 1-5 represent the quality of the income stream, not necessarily construction quality. "Quality" reflects the condition, age, location, physical features and any other factor that impacts economic rent for the competitive market set.

Quality-Strata Residential

Quality refers to the quality of the strata unit as perceived by the market, not necessarily construction quality. "Quality" reflects the condition, age, location, features, services, amenities and any other factor that impacts the sale price of units in the Competitive Market Set. Qualities 1 through 5 are available for the Direct Comparison Approach.

Questionable Sale

Sales requiring further investigation due to one or more of the following:

sales not representative of typical market transactions;

sales that may involve uninformed purchasers; or,

sales that may include highly motivated vendors or purchasers.

Range

The range, or confidence interval, in which the final market value opinion of a property may fall; usually stated as a variable amount between a high and low value limit. (The Dictionary of Real Estate Appraisal, 4th edition)

Rate Amount

The price ($) derived from market analysis that represents the value per unit of comparison (Rate Type) for the typical lot within the rate code boundary. For example, the rate for a typical residential lot in a Neighbourhood or the typical rate for apartment land within a jurisdiction.

Rate Code

A rate code is a numeric identifier for a Rate Amount which is applied to a group of land folios with similar use, location and economic conditions in a specified market area (Rate Code Boundary). A rate code will be developed for a minimum of 125 folios. The preferred population for residential rate codes is 300+ folios to ensure market representativeness (e.g. 5% annual sales in population linked to rate code) unless:• the rate codes are statutory; or • the market area is less than 125 folios (e.g., the population associated with the rate code represents an entire market not a submarket or a property characteristic within a market, e.g. an island or isolated lake). NOTE: For mass appraisal purposes, the International Association of Assessing Officers (IAAO) recommends a model (i.e. In the case a rate code) be based on 50+ sales or approximately 1,000 properties assuming a 5% annual turnover in properties.

The following numbering system must be used to label all rate codes:0000-0999 Non-typical lots, etc.1000-1999 All residential lots (excluding stratas & apartments)2000-2999 All apartment lots3000-3999 All strata lots4000-4999 All commercial lots5000-5999 All industrial lots6000-6999 All non-farm acreage7000-7999 Properties requiring special handling8000-8999 Farm - non-soil oriented uses9000-9999 Farm - soil-oriented uses.

Rate Table Description

The Rate Table Description Code identifies the size of the market area to which the rate code is applied.

Rate Type

A rate type is a code that indicates the units of comparison to be used, and, thus, the way valueBC calculates land value. Determining how the marketplace establishes the selling price of vacant land is crucial to choosing the appropriate rate type. Except for Timberland, rate type dimensions are recorded in Imperial measurements.

Ratio Study

A study of the relationship between assessed values and market values. Of common interest in ratio studies are the level and uniformity of the assessments. (International Association of Assessing Officers - IAAO)

Property inventory attributes such as the physical inventory, (i.e.) property size, general improvement description, gross building area and building rentable area (gross or net).

Real Estate

Physical land and appurtenances attached to the land, e.g., structures. An identified parcel or tract of land, including improvements, if any. (The Dictionary of Real Estate Appraisal, 4th edition)

Real Property

The interests, benefits and rights inherent in the ownership of real estate. (The Appraisal of Real Estate, 3rd edition)

Reassessment

(1) The relisting and revaluation of all property, or all property of a given class, within an assessment district by order of an authorized officer or body after a finding by such an officer or body that the original assessment is too faulty for correction through the usual procedures of review and equalization.

(2) The revaluation of all real property by the regularly constituted assessing authorities, as distinguished from assessment on the basis of valuations most or all of which were established in some prior year.

Under the circumstances set out in s. 57(4) of the Assessment Act, the Property Assessment Appeal Board has the authority to order reassessments. (BC Assessment)

Record

Includes books, documents, maps, drawings, photographs, letters, vouchers, papers and any other thing on which information is recorded or stored by graphic, electronic, mechanical or other means, but does not include a computer program or any other mechanism that produces records. (Freedom of Information and Protection of Privacy Act, s. 1 and Schedule 1, "record")

Recreational Vehicle - RV

A motorized or towable vehicle that combines transportation and temporary living accommodations for travel, recreation and camping. (Camping Canada.Com - Glossary)

Redemption

The Redemption Period is a one-year period provided immediately following forfeiture, during which the former owner or registered charge holder can pay all the outstanding property taxes and the title of the property will be restored to the former owner (redemption). (Ministry of Finance-Property Taxation Branch)

Regional District

Regional district means, as applicable:(a) a regional district incorporated under the Local Government Act, or(b) the geographic area of a regional district corporation referred to in paragraph (a).

(Local Government Act, s. 5, "Regional District")

Regional Hospital District

Regional Hospital District means a regional hospital district incorporated under the Hospital District Act and includes a municipal regional district declared, by order under Section 2, to be a regional hospital district.

In respect of real property, refers to the registration in the books of the land title office. (Assessment Act, s. 1, "registered" and "registration")

Registered Owner or registered owner in fee simple

A person registered in the books of the land title office as entitled to an estate in fee simple in real property, and, in respect of a lesser estate, includes a person who registers a charge. (Assessment Act, s. 1, "registered owner" or "registered owner in fee simple")

Reinventory

When properties in a particular neighbourhood or specific property types are actually visited by an appraiser to determine the accuracy of the physical inventory or other attributes of the property. It is synonymous with re-inspection.

Reject Sale

“Reject sale” denotes a property transfer which is excluded from BC Assessment’s market analysis. A sale is rejected whenever circumstances suggest it may not be reflective of market value.

Examples of transfers which are rejected include:

- Transfer between related parties

- Distress sale

- Sale of part-interest

- Trade

- Foreclosure

Related Appeals

• Unresolved appeals of the same property in previous years • Appeals that are dependent upon the results of other appeals. (Property Assessment Appeal Board)

Related Party Sale

• Sale where the vendor and purchaser are associated, for example related companies or related individuals. • Sales that include internal company transactions.

Religious Organization

Organizations that "...promote the spiritual teachings of a religious body and ...maintain doctrines and spiritual observances on which those teachings are based. There must be an element of theistic worship, which means the worship of a deity or deities in the spiritual sense. (Canada Revenue Agency)

Remediation

Action to eliminate, limit, correct, counteract, mitigate or remove any contaminant or the adverse effects on the environment or human health of any contaminant, and includes, but is not limited to, the following:• preliminary or detailed site investigations, analysis and interpretation, including tests, sampling, surveys, data evaluation, risk assessment and environmental impact assessment; • evaluation of alternative methods of remediation; • preparation of a remediation plan, including a plan for any consequential or associated removal of soil or soil relocation from the site; • implementation of a remediation plan; • monitoring, verification and confirmation of the remediation plan, applicable standards and requirements imposed by a director. Remediation may be ordered under the Act or undertaken on a voluntary basis. Remediation may include "on-site" treatment of the waste or contaminated soil. (Environmental Management Act, s. 1, "remediation" paraphrased)

Remediation Plan

A plan which includes information on the: • location(s) of contamination, remediation alternatives, and evaluation methods used to assess the factors under section 56 of the Act, • remediation methods selected to ensure compliance with the numerical standards or risk based standards • identification and classification of the substances in any soil, surface water, groundwater or sediment to remain in place or to be relocated, • risk assessment calculations and methodology to demonstrate compliance with risk-based remediation standards if remediation is assessed relative to the risk-based remediation standards, • a schedule with estimated dates for implementing remediation, • identification and discussion of the effects of known regulatory requirements on remediation, including any authorizations which will be required to implement remediation, • proposed confirmatory sampling, analysis, testing or monitoring during and after treatment, management or removal of contamination. (Contaminated Sites Regulation, B.C. Reg. 375/96, s. 1, "remediation plan" (Environmental Management Act) paraphrased)

Remodel

To reconstruct, rebuild, update or alter the structure, style or functional utility of a building. To model or fashion anew; to change the form of, or to do over.

Renovation

General term to cover changes and upgrading of an existing property that will provide new life, energy or vigour. To refresh, revive, restore or reinvigorate to a previous or better condition. The act of improving and repairing as if to make new again.

Rent Concessions

All rent concessions result from market conditions and the relative negotiating strength of the property owner and the tenant. It is not unusual for free rent concessions to be given outside of the lease term so that concessions do not appear on the written lease document.

A summary of listing of property lease details for a building. It will generally include: tenant's names, unit numbers, lease start and end dates, square footage, amount of rent, vacant space, etc. The list may be reported in a variety of ways from basic to very detailed information.

Rent, or Offer for Rent

"Compensation paid for use or occupation of property." "In a broader sense, it is the compensation or fee paid, usually periodically, for the use of any rental property, land, buildings, equipment, etc. " (Black's Law Dictionary). "A tenant's periodical payment to an owner or landlord for the use of land or premises". (Oxford Concise)

Rentable Area

The tenant's Usable Area (refer to definition below) plus an adjustment (or "gross-up") for a proportionate share of common areas, elevator lobbies and washrooms on the floor. The Building Owners and Managers Association ("BOMA") sets specific standards for measurement of office, industrial and retail space in BOMA's 1990 or 1996 standard ANS Z65.1, but these are not always observed by all landlords. (REALPAC Terminology Standards - Rent)

Rental Accommodation Manager(s)

Person(s) or corporations which perform specific rental management functions on behalf of strata accommodation property owners, including functions such as guest registration, housekeeping, repair and maintenance, the collection and payment of fees and taxes. Property managers licensed under the Real Estate Services Act and providing more traditional strata property management services (as opposed to rental services) are not necessarily accommodation managers. Therefore, a strata complex should not be excluded from Class 1 as a "grandfathered" property just because a traditional property manager serves 100% of the strata lots in the complex, provided no single accommodation manager controls or manages 85% or more of the strata lots in the strata plan or continuous strata plans.

Rental Housing

Residential units rented on a monthly basis to seniors. There are no support services available through the building but residents can apply for support services to an outside agency, i.e., Meals on Wheels.

Replacement Allowance

An allowance that provides for the periodic replacement of building components that wear out more rapidly than the building itself and must be replaced during the building's economic life; also known as Replacement Reserves. (The Dictionary of Real Estate Appraisal, 4th ed.)

Replacement Cost

The estimated cost to construct, at current prices as of the effective appraisal date, a building with utility equivalent to the building being appraised, using modern materials and current standards, design, and layout. (Appraisal of Real Estate, 2nd Canadian Edition, 2002)

Reproduction Cost

The estimated cost to construct, at current prices as of the effective appraisal date, an exact duplicate or replica of the building being appraised, using the same materials, construction standards, design, layout, and quality of workmanship and embodying all the deficiencies, super adequacies, and obsolescence of the subject building. (Appraisal of Real Estate, 2nd Canadian Edition, 2002)

Resident per Diem Fee

The daily rate residents of publicly funded facilities pay towards their care. A means test is administered to determine the per diem fee.

Residential land use

The use of land for the primary purpose of:• a residence by persons on a permanent, temporary or seasonal basis, including, without limitation, single family dwellings, cabins, apartments, condominiums or townhouses, or • institutional facilities, including, without limitation, schools, hospitals, daycare operations, prisons, correctional centres and community centres. (Contaminated Site Regulation, B.C. Reg. 375/96, s. 1, "residential land use" (Environmental Management Act))

Residential Use

... "used for residential purposes" the word "used" is not to be interpreted as requiring some activity. It has the meaning there of "treat" or of "treated"."The question of what is or is not land or improvements used for residential purposes must depend on the facts and circumstances of each individual case. Usually if there is a house on the land that should qualify the land for that preferential treatment. But that is not the only test to be applied to a property in order to classify it as a property entitled to residential status assessment. The contiguity of the land in question is not in issue. The Board erred in adopting the test to exclude the property in question from residential status because a dwelling did not exist on the land. That test may well bring a piece of land within the classification of residential status assessment. It is, however, not an exclusive test ...." (Hutchison v. The Corporation of Saanich1975, Stated Case 86, BCCA; Sampson v. Saanich and the Islands Assessment District 1977, Stated Case 92, BCCA)

Residual Intangible Assets (RIA)

Those intangible assets of a business (going concern) that have not been separately identified and valued in an appraisal. The value of residual intangible assets equals the value of total intangible assets minus the value of identified intangible assets. Note that in most instances capitalized economic profit will be an element of residual intangible assets. (The Dictionary of Real Estate Appraisal, 4th edition)

Responsible Person

Section 45 of the Environmental Management Act identifies those persons responsible for remediation of contaminated sites. These persons may include:• a current owner or operator of the site • a previous owner or operator of the site • a producer of a substance that contaminates the site • a person who disposed of a substance that contaminates the site • a transporter of a substance that contaminates the site • a secured creditor (only in very limited circumstances - see Act). The definition includes those parties who contaminated another site through migration of the contamination from the parent site. (Environmental Management Act, s. 45)

Restrictive Covenant

Provision in a deed limiting the use of the property and prohibiting certain uses. In context of property law, term describes contract between grantor an grantee which restricts grantee's use and occupancy of land; generally, purpose behind restrictive covenants is to maintain or enhance value of lands adjacent to one another by controlling nature and use of surrounding lands. (Black's Law Dictionary)

Return on Capital

The additional amount received as compensation (profit or reward) for use of an investor's capital until it is recaptured. The rate of return on capital is analogous to the yield rate or the interest rate earned or expected. (The Dictionary of Real Estate Appraisal, 4th ed.

Reversion

A lump-sum benefit an investor receives or expects to receive upon the termination of an investment; also called reversionary benefit. (The Appraisal of Real Estate 2nd Canadian Edition)

Revestment

The Revestment Period is a further two-year period following the end of the redemption period in which the former owner or any registered charge holder (e.g. mortgage holder) receiving forfeiture notification can apply to have the title of the property returned to the former owner by paying the taxes and fees. Revestment requests must be accompanied by a notarized statement. The decision to revest a property is at the discretion of the Surveyor of Taxes. (Ministry of Finance- Property Taxation Branch)

Revised Roll

Includes amendments made by the assessor and the property assessment review panels during February and March of each year. Formerly 'authenticated roll'.

• For a stream, the 30 meter strip on both sides of the stream, measured from the high water mark, • For a ravine less than 60 meters wide, a strip on both sides of the stream measured from the high water mark to a point that is 30 meters beyond the top of the ravine bank, and • For a ravine 60 meters wide or greater, a strip on both sides of the stream measured from the high water mark to a point that is 10 meters beyond the top of the ravine(Riparian Area Regulation (RAR), B.C. Reg. 376/2004, s. 1, "riparian assessment area" (Fish Protection Act))

Riparian Rights

Pertain to the rights and privileges that are incidental to the ownership of land fronting on a body of water. The rights relating to the land that adjoins or abuts a watercourse of river running between banks. (UBC Sauder School of Business - Submerged Land Valuation)

Risk Based Standards

An approach using risk assessment to identify and evaluate substances, persons potentially affected, and exposures to the substances in order to estimate cancer risks or hazard indices in accordance with a director's protocol. Section 16 of the Contaminated Sites Regulation, B.C. Reg. 76/2005, (Environmental Management Act) provides for the use of risk-based or numerical standards for site remediation subject to certain conditions in sections 17 and 18 of the Regulation.

Risk to Roll

"Risk to Roll" encompasses changes to the Assessment Roll which may impact Local Government's ability to:

Implement tax policy options based on significant shifts in the "Completed Roll".

Make decisions in setting annual budgets and tax rates.

Adjust preliminary/estimated tax rates in a timely fashion.

Make decisions regarding the need to create contingencies/reserves after budgets have been finalized.

Rooms

Any room dedicated to overnight stays (e.g., that has a bed), whether for personal or commercial use and whether or not it is offered in combination with an ensuite bathroom.

Runs with the Land

Passing with transfer of the land. A covenant is said to run with the land when either the liability to perform it or the right to take advantage of it passes to the assignee of that land. Usually concerned with easements and covenants. (Black's Law Dictionary)

Sale

A real property transaction which involves the transfer of an interest in real property from one party to another party.

Sale - Cash

A sale for money in hand. A sale conditional on payment concurrent with delivery. (Black's Law Dictionary)

Sale - Company Sale

Property was transferred as a corporate asset in purchase of a corporation. The reported Sale Price may reflect book value rather than market value.

Sale - Conveyance

A transfer of an estate or interest in land (other than by will) to a new owner through sale, lease, or other means. A transfer of title is the conveyance of an estate or interest in land in exchange for some financial consideration, typically a sale. (Land Title and Survey Authority)

Sale - Conveyance Date

The date a sale, or other ownership transfer, is recorded in land title register by Land Title and Survey Authority (LTSA).

Sale - Distress Sale

• A form of liquidation in which the seller receives less for the goods than what would be received under normal sale conditions; esp. a going-out-of-business sale • A foreclosure or tax sale. • Sale where an owner is forced to sell for financing or other reasons. When a distress sale is typical of the local market (e.g. major employer shut-down in small community), it should be included in a market study. • Sale resulting from divorce proceedings. Note: If an appraisal was completed to establish the transfer price, the sale may provide an indication of market value in a very thin market. (Black's Law Dictionary Abridged 7th edition - BC Assessment Modified)

Sale - First Sale

Residential strata properties which are "pre-sold" may reflect "below market" pricing, Developers may use this strategy for the first few sales to encourage interest in their project.

Sale - Foreclosure Sale

The sale of a mortgaged property resulting from mortgage foreclosure, authorized by a court decree or a power-of-sale clause, to satisfy the debt. (Black's Law Dictionary Abridged 7th edition - BC Assessment Modified)

Sale - Government/Expropriation Sale

The property was purchased from a private individual or corporation by government for government or public purposes (e.g. public works, roads, hazard issues). The vendor's motivation would be atypical.

Sale - Land Assembly

The property was bought/sold with the goal of "assembly" with nearby property to create a new parcel of sufficient size to achieve maximum density. The sale price may reflect an additional premium assigned by the market for "bonus density" achieved upon assembly.

Sale - Lease

For the purposes of sales coding, the term lease means a lease or license of otherwise exempt land. For example, Provincial lease of Crown land or lease of Indian Band land.

Sale - Multi-Property Sale

A transfer of property or title involving more than one parcel.

Sale - Non Sale

A non-sale is a property transaction for an amount less than or equal to $1.00.

Sale - Partial Interest

• The purchase of a divided or undivided right in real estate that represent less than the whole. • Sale of a part interest in a property (e.g. one tenant in common sells interest to other tenant(s) or new party). Note: If sale of partial interests is common in a specific market (e.g. resort properties where each strata lot has multiple owners) it will be necessary to track partial interest sales. • A sale of less than 100% interest in a property (e.g. single owner sells to one or more parties to create tenancy in common).

• Sale where the vendor and purchaser are associated, for example related companies or related individuals • Sales that include internal company transactions.

Sale - Sale Date

The date the parties entered into a contract of purchase and sale

Sale - Share Transfer

A transaction in which all or part of the company shares are sold. Where the company assets include real property; no title transfer will occur because the name of the company has not changed as it has been sold along with the rest of the corporate assets.

Sale - Special Interest

• Assignment of an Agreement for Sale • Sale from an execution of an estate. (Intended to deal with the probate of an estate where the property title is transferred to a related party. An arm's length transaction occurs when the executor then sells the property on the open market) • Sale to a trust company where the company becomes the trustee. • Bulk sales of strata units where the sale price is not reflective of the market value of each individual unit. • The purchaser was atypically motivated to buy a specific property. The price paid may not be reflective of market value.

Sale - Trade

• A trade is a property transfer that includes items of real or personal property as a portion of the price. The transaction should not be used if the items traded constitute the entire price. Otherwise, if the value of the traded items is stipulated, can be ascertained, or is small in comparison with the total price, the sale can be used by including the value of the items traded in the total purchase price. As a general rule however, sales involving trades should be excluded from sales studies if the full price cannot be reliably established and there is an otherwise adequate number of valid sales. • Sale of a property whereby part or whole payment is not in cash or financing, but in goods such as a boat, automobile, chattels or other real property • Part or all of the consideration paid for a property was in the form of goods or another parcel of real property. The value of the consideration may not reflect market value. (International Association of Assessing Officers (IAAO) - BC Assessment Modified)

Sale - Uninformed Purchaser

The purchaser was not knowledgeable of market conditions. The purchase price may not reflect market value.

Sale - Unmatched

No FIN579 can be matched to sale.

Sale - Unqualified

Data from Land Title and Survey Authority (LTSA) indicates the sale does not meet criteria to be used for analysis. Review is required to determine if the sale is, in fact, Qualified or otherwise.

Sale - Unusual Financing

The purchaser used unconventional financing to purchase the property. The price paid may or may not reflect market value.

Sale of Lease Interest

A type of sale in which a lease interest is conveyed.

Sales Chasing

An inappropriate form of selective reassessment. Sales chasing is the practice of using the sale of a property to trigger a reappraisal of that property at or near the selling price. Sales chasing causes invalid uniformity results in a sales ratio study and causes invalid appraisal level results unless similar unsold parcels are reappraised by a method that produces an appraisal level for unsold properties equal to the appraisal level of sold properties.

(International Association of Assessing Officers - IAAO)

Sales Snapshot

A sales snapshot captures data from the Property database and stores it on the Sales database to reflect the inventory at the time of sale. Any changes to the Snapshot data in the Sales database will affect the Sales database only. Any change to the roll database (which will impact the property assessment) must occur through editing data in the Property database.

School District

School district means an area created or constituted as a school district by or under the School Act or a former Act. School Act, s. 1, "school District")

Seasonal Resort

A resort that is a place used for relaxation or recreation, attracting visitors for holidays or vacations where the operation is dependent on a particular season.

Secondary Use

"Secondary" means "...derived from or depending upon or supplementing what is primary". (Oxford English Reference Dictionary)

Self-Storage

A facility for the safekeeping of goods which permits the owner of the goods to maintain custody and control of those belongings but apart from their home or business. The owner of the items typically retains responsibility for their care.

Self-Storage Unit

A warehouse or other facility that rents units to people for storing possessions. (Dictionary.com)

Seniors Housing - Bachelor Suite (Bach)

A resident unit that does not have a self-contained bedroom, but does include a kitchenette and a 3 or 4-piece washroom.

Seniors Housing - Bed

A bed is a unit of capacity in licensed care facilities. Every facility is licensed for a certain number of beds which dictates how many people may reside in a given facility. In any licensed care home, there may be greater or fewer actual beds than licensed beds. Excess beds cannot be used if they are not licensed.

Seniors Housing - Bed Sitting Room (BSR)

A resident unit that does not contain a kitchenette; it may or may not contain an ensuite bathroom. Essentially, this type of room is just a bedroom.

Seniors Housing - Guest Suite/Manager Suite

A living unit in a seniors' housing facility that may be occupied by the manager of the facility or residents' guests (sometimes for a fee).

Seniors Housing - Licensed

A licensed care facility is one permitted by the provincial government to provide housing and health care services. A license is required for operation.

Seniors' housing vacancy is expressed as a per cent of potential gross income.

Seniors Housing 1-Bedroom + Den Suite (1BR+d)

A resident unit with a self-contained bedroom, a 2nd room which does not contain a built-in closet, a kitchenette area and a 3 or 4-piece washroom and/or an ensuite.

Seniors Housing 1-Bedroom Suite (1BR)

A resident unit with a self-contained bedroom with a built-in closet, a kitchenette area and a 3 or 4-piece washroom and/or an ensuite.

Seniors Housing 2-Bedroom + Den Suite (2BR+d)

A resident unit with two self-contained bedrooms, a kitchenette area, a 3 or 4-piece washroom and/or an ensuite and an additional room without a built-in closet.

Seniors Housing 2-Bedroom Suite (2BR)

A resident unit with 2 self-contained bedrooms, a kitchenette area and 3 or 4-piece washroom and/or an ensuite.

Service Areas

Regional district service areas are established by the regional district to provide a variety of services such as sewer, water, community parks, arenas, libraries, fire protection, street lighting, TV re-broadcasting, animal control, pollution control, building inspection, regional parks, etc., to rural and municipal properties throughout the province.

Regional district service area bylaws are adopted by the regional district board subsequent to receiving the assent of the electors within the service area, and approved by the Inspector of Municipalities, Ministry of Community, Aboriginal and Women's Services. Bylaws are adopted for the purpose of establishing, extending, reducing, repealing and merging services areas.

Service Club

Many service clubs and fraternal lodges devote their resources to a mix of charitable and non-charitable activities. For example, many clubs provide services for needy members of the community, but also hold regular social events for their members. Therefore, they cannot be registered as charities under the Income Tax Act.

However, these groups could establish a separate organization to handle their charitable activities (e.g., a trust established to purchase wheelchairs for physically challenged children) and then apply for charitable registration on its behalf. In this instance, it is the separate organization which is applying to be registered and not the service club or lodge. Therefore, it is crucial that the two organizations keep their funds, activities and books and records separate. Where there is insufficient separation, the charity's registration may be revoked, which could potentially expose the service club or lodge's assets to a revocation tax. (Canada Revenue Agency)

Service Package

Additional supportive amenities and services that can be purchased above the basic amenities provided in the rent.

Servicing

Servicing means an inspection triggered by the receipt of a permit or any reliable source.

Set Apart

Made available for, or to be made available for. A building that is under construction or in the process of being renovated can be exempt as a place of public worship if its principal character is/will be a place of public worship.

Share Transfer

A transaction in which all or part of the company shares are sold. Where the company assets include real property; no title transfer will occur because the name of the company has not changed as it has been sold along with the rest of the corporate assets.

Shell Rent

A rental rate for unfinished space. Typically the space is leased unimproved and the tenant would be responsible for improvements necessary for occupancy.

Shopping Center

A tract of land, under individual or joint real estate ownership or control, improved with a coordinated group of retail buildings with a variety of stores and free parking. The main categories of Shopping Center are Regional, Community, Power and Neighbourhood. (Dictionary of Real Estate Appraisal 4th edition)

Shopping Center - Pad

A Pad, also known as an "outlot", is a parcel of land in a high visibility, high traffic area of the Shopping Center parking lot. Pads can generate high rents, add to the draw of the Shopping Center, and provide a unique product or service to the tenant mix. There are 3 common types of pad deals: ground leases, built to suit, and sale of the parcel.

Common pads uses are restaurants and banks, both of which require long-term leases in a ground lease situation. In other situations, tenants will build to suit since they can obtain more favourable financing than the landlord (reducing their occupancy costs). (Shopping Center Management and Leasing IREM 2005)

Shopping Centre - Community

This centre offers a wider range of apparel and other soft goods than the neighbourhood center. Among the more common anchors are supermarkets, super-drugstores, and discount department stores. Community shopping centre tenants sometimes include box office price retailers or home improvement / furnishings outlets. The centre is usually configured as a strip, in a straight line, or "L" shape. Older built centres (1970's early 80's) are often enclosed mall concept centres. Community shopping centres encompass the widest range of formats. For example, certain centres offer a wide selection of apparel and anchored by a junior department store and supermarket. The average size is 150,000 sq ft of gross leasable area. A centre may consist of a junior department store/large variety store and one or more supermarkets. The size ranges from 100,000 to 400,000 sq ft of GLA and a land area from 10 to 30 acres. Examples of Community Shopping Centres in BC are:• Cherry Lane, Penticton • Lynn Valley Centre, North Vancouver (Shopping Centre Development Handbook 1999 - Urban Land Institute and the ICSC Glossary of Shopping Centre Definitions – 2004)

Shopping Centre - Neighbourhood Shopping Centre

The smallest type of shopping center, generally with a gross leasable area of less than 100,000 square feet. Typical anchors include supermarkets and pharmacies. Neighbourhood shopping centers offer convenience goods and personal services and usually depend on the market support of more than 1,000 households. (The Dictionary of Real Estate Appraisal, 4th edition)

Shopping Centre - Power Centre

A large community shopping center with more than 250,000 sqare feet of space anchored by three or more tenants that occupy 60% to 90% of the space; the number of specialty stores is kept to a minimum. (The Dictionary of Real Estate Appraisal, 4th edition)

Shopping Centre - Regional Centre

A shopping centre that offers a variety of general merchandise, apparel, furniture, home furnishings, service and recreational facilities and is built around one or more full departmental stores of at least 100,000 sq ft each. Regional shopping centres generally have between 400,000 and 750,000 sq ft of gross leaseable area.

(The Dictionary of Real Estate Appraisal, 4th edition)

Shopping Centre Anchor

The major store within a shopping center that attracts or generates traffic for the facility, e.g. a Supermarket or Discount Store in a Neighbourhood Shopping Center, a Major chain, Large Specialty or Department store in a Community or Regional Shopping Center. (Shopping Centre Development Handbook - Urban Land Institute 1999)

Shopping Centre Commercial Retail Unit (CRU)

A smaller tenant within a Shopping Centre typically occupying less than 30,000 sq ft of space. CRUs may be national, local chains or independent and are generally further defined according to the following tenant classifications: General Merchandise, Food, Food Service, Clothing & Accessories, Shoes, Home Furnishings, Home Appliances/Music, Building Materials/Garden, Automotive, Hobby/Special Interest, Gifts/Specialty, Jewellery, Liquor, Drugs, Misc Retail, Personal Services, Entertainment/Community, Financial, Offices. (Shopping Centre Development Handbook - Urban Land Institute 1999)

Shopping Centre Kiosk

A small free-standing booth (typically around 100 sq ft) within an enclosed mall designed to encourage impulse buying. Kiosks in heavy traffic areas help create the atmosphere of a marketplace. Most permanent Kiosks tenancies are under short-term leases or licence agreements, usually for 1 year.Other related small scale specialty retail units are "Carts" and "Retail Merchandising Units", both smaller than a typical Kiosk unit. (Shopping Centre Development Handbook - Urban Development Institute 1999)

Shopping Centre Mini Anchor

Smaller Anchor Stores or facilities that attract or generate traffic for the facility, such as a Drug Store, Food, Apparel or Home Furnishing Specialty Stores, or Major Chain or Cineplex. Some centres, often Power Centres, may have no dominant Anchor tenant but a collection of smaller Mini-Anchors. (Shopping Centre Development Handbook - Urban Land Institute 1999)

Short-Term - Bed & Breakfast Accommodation Properties

"Short-term" refers to accommodation provided for "periods of less than 7 days" as set out in s.1(a)(iv)(A)(I) of the Prescribed Classes of Property Regulation, B.C. Reg. 438/81 (Assessment Act). Rooms offered only for longer-term rental (e.g., monthly stays) are not considered to have a commercial-use component and will be placed in Class 1.

Short-Term - Strata Accommodation Properties

"Short-term" refers to the requirement in the legislation that a strata lot not be rented or offered for rent for a prescribed period of time such as "less than 28 days" in s. 19(1) and "less than 7 days" in s. 19.1 of the Assessment Act. Strata lots that are only available for longer-term rental (e.g., monthly stays) are not considered to have short-term, commercial use component and will be placed entirely in Class 1.

Significant Portion

At least $10,000 of the assessed value of the improvement component of the property is used for or available for a commercial purpose.

Simple Property

A single family residential property, vacant land, or a commercial/industrial property which does not require significant BC Assessment valuation resources to assess. Examples of simple properties include the following property types:• Single family or strata residential properties • Vacant land • Campgrounds (other than campgrounds associated with complex properties such as hotels and resorts) • Small accommodation only motels & hotels, B&Bs or lodges. • 9-hole Golf courses • Manufactured Home Parks • Small Marinas (less than 100 slips) • Office or Industrial properties with less than 25,000 sq ft in gross leasable area • Parking lots and parking structures not included in complex properties (e.g. stand-alone) • Rental Apartments • Retail properties with less than 25,0000 sq ft in net leasable area • Strata commercial (e.g. IC&I) property. Given the high diversity of properties assessed in B.C., Area Assessor discretion will be necessary to determine if a property is complex or simple. To ensure consistency of approach, the Area Assessor should contact the BC Assessment Information and Privacy Analyst for advice on 3rd party information requests for properties which do not clearly meet the above criteria.

Single Family Dwelling/Residence

A detached residential dwelling unit which has been designed and built to accommodate single family use.

Single Room Occupancy

Any building that contains rooms intended or designed to be used, rented or occupied for sleeping or living purposes by tenants and is the primary residence of those tenants.

Site Improvements

Improvements to land so that it can be used for a specific purpose. Serviced residential, commercial, and industrial lots will have associated "on street" site improvements such as paved roads, overhead lighting, curb, gutter, sewer and water connections. Site improvements for serviced lots will be reflected in the Rate Amount. (Environmental Management Act)

Site Profile

A report, using a prescribed form, which is intended to provide a preliminary assessment contamination risk for a specific property. A Site Profile will be automatically required when: • a property which has been used for commercial or industrial use is subject to an application for subdivision, rezoning, or development permit • an owner dismantles a building or structure, or otherwise decommissions a site which was used for an industrial or commercial purpose or activity listed in Schedule 2 of the Regulation • an owner applies for a certificate of restoration respecting a well, test hole or production facility under the Petroleum and Natural Gas Act. • a vendor of real property who is aware the property has been used for commercial or industrial use or other prescribed use. (Contaminated Sites Regulation, B.C. Reg. 375/96, Part 2, (Environmental Management Act) paraphrased)

Site Registry

The electronic registry maintained by the Ministry of Environment as repository for all documents relating to site profiles, orders, approvals, and remediation agreements. Note: BC Assessment has authorized access to this registry. (Environmental Management Act, s. 43)

Situs

The physical location or position of a property. Also known as "civic address" or "property location".

Source Division

The cost source from which the improvement is valued. Source Division is used to determine the update factor.

Special Interest Sale

• Assignment of an Agreement for Sale. • Sale from an execution of an estate. (Intended to deal with the probate of an estate where the property title is transferred to a related party. An arm's length transaction occurs when the executor then sells the property on the open market.) • Sale to a trust company where the company becomes the trustee. • Bulk sales of strata units where the sale price is not reflective of the market value of each individual unit. • The purchaser was atypically motivated to buy a specific property. The price paid may not be reflective of market value.

Special Purpose Property

A limited market property with a unique physical design, special construction materials, or a layout that restricts its utility to the use for which it was built; also called a special-design property. These properties usually have limited conversion potential. (Appraisal of Real Estate, 2nd Canadian Edition, 2002)

Squatter

A squatter is a person who settles on another's land, without legal title or authority; a person entering upon lands, not claiming in good faith the right to do so by virtue of any title of his own or by virtue of some agreement with another whom he believes to hold the title. (Black's Law Dictionary, 1990)

Statement of Issues, Evidence and Analysis with Recommendation - SIEA

The document ordered by the Board requiring the parties to provide a written statement clearly:• identifying the issues in the appeal; • providing a summary of the evidence and analysis relied on in support of each issue, and • providing a without prejudice recommendation for the amendment or confirmation of the roll. The Board will require the appellant to produce their statement first by a certain date and the assessor to respond also by a certain date, with consequences for both parties for non-compliance. Where there are significant numbers of appeals, the Board will expect to spread out these production dates while bringing some closure to this process by midsummer to early fall. (Property Assessment Appeal Board)

Statutory Right of Way

"statutory right of way" means an easement without a designated dominant tenement registerable under section 218 (excerpt below).

218 (1) A person may and is deemed always to have been able to create, by grant or otherwise in favour of

(a) the Crown or a Crown corporation or agency,

(b) a municipality, a regional district, the Greater Vancouver Transportation Authority, a local trust committee under the Islands Trust Act or a local improvement district,

(c) a water users' community, a public utility, a pulp or timber, mining, railway or smelting corporation, or a corporation authorized to transport oil or gas, or both oil and gas, or solids, as defined in the Pipeline Act, or

(d) any other person designated by the minister on terms and conditions that minister thinks proper,

an easement, without a dominant tenement, to be known as a "statutory right of way" for any purpose necessary for the operation and maintenance of the grantee's undertaking, including a right to flood. (Land Title Act)

Note: it is possible under section 114 of the Land Title Act to subdivide a property using a statutory right of way plan. Such a subdivision will require the approval of the Registrar of Land Titles.

Stigma

Stigma represents a negative influence on property value that is largely related to uncertainty and future risk. The term "stigma" is used to represent a variety of intangible factors from possible public liability and fear of additional health hazards to the simple fear of the unknown.

STOCAP

Acronym for "short-term overnight commercial accommodation property". This term was created by the Province in recognition of the diversity of temporary commercial accommodation currently available, including conventional hotels/motels, bed and breakfast operations, resorts, and other forms of pooled and managed commercial accommodation.

Storage

Safekeeping of goods in a warehouse or other depository. (Black's Law Dictionary, 5th Edition)

Storage - Ancillary to or in Conjunction with

An area for safekeeping of goods that has a nexus (significant bond or connection) with the primary extracting, processing, manufacturing or transporting activity.

Strata Accommodation Property (SAP)

Name or acronym for those strata lots which do not qualify to be grandfathered into Class 1 under s. 19.1 of the Assessment Act, but which meet the criteria set out in s. 19(1) of the Assessment Act: they are part of a strata plan that, with or without contiguous strata plans, includes 20 or more strata lots, and they are rented or offered for rent as overnight accommodation for a period of less than 28 days for at least 20% of the year ending June 30. (Assessment Act)

Strata Additional Feature

Anything in excess of the Base Complex or Strata Unit Base Cost must be costed as a unique feature (component) for the complex or individual strata unit. Refer to: Commercial Building Viewer.Examples of strata unit additional features include: • Enclosed carports/garages • Extra plumbing • Conversion of balcony to living space • High end home theatres, spas and lap pools • Balconies (where areas vary significantly from Base Complex norm) • Basements and finish. Minor additional features in a strata unit should be costed if the feature is recognized by purchasers of properties within the Competitive Market Set. For example, in the case of a complex where all strata units include a gas fireplace, the Complex Cost will include the fireplace. However, in the case of strata unit customization where only some units include a gas fireplace, the additional feature should only be costed if a local market study indicates that purchasers will pay a premium for a property with a gas fireplace versus a similar unit without a gas fireplace. This approach must be implemented on a regional basis to ensure equity of assessment for all similar strata property occupancies.

Strata Base Complex

The Base Complex is determined as follows:• Strata Apartments are equivalent to the total area of all units (as registered on the strata plan) plus 15% to allow for common areas such as hallways and entrances, and limited common area. Where detailed information on actual total building size is available, use this source. • Strata Townhouses are equivalent to the total living area of all units (as registered on the strata plan) in the development. • Strata Offices are the total area of all strata units and common areas as registered on the strata plan. Where detailed information on actual total building size is not available, gross-up the sum of all strata unit areas by 15%. • Strata Industrial is the sum of the areas of all strata units (as registered on the strata plan) in the development; do not gross-up for common area as it is rare in these projects. • Strata Retail is the total area of all strata units and common area as registered on the strata plan. Where detailed information on actual total building size is not available, gross-up the sum of all strata unit areas by 15%. The Base Complex costing includes a basic strata unit. Also included in the Base Complex Cost are the following common areas: • Concourse, storage, lobbies, hallways, washrooms and other public areas • Parking Garage. • Other amenities. • Yard Improvements (assigned a value (PV) of $1,000-5,000 per strata unit. The value attributed to yard improvements will be dependent on the amount, quality of yard improvements, and type of strata project.

Strata Lot Area

The area shown in sq ft or sq meters on a registered strata plan (BC Licensed Surveyor) confirming the size of each strata unit. The exception will be basement area which may be included in the strata plan for each strata unit within a complex (e.g. Townhouses). In this scenario, deduct the basement area from the SLA for each unit to determine the adjusted SLA for DCA valuation.

Strata Plan

A plan that shows real property divided into two or more strata lots.

Stratified Operational and Facility Areas - SOFA

Strata lots which support the day-to-day operational requirements of the complex/building, which may or may not be limited to public/common use, or may be value-adding facilities for owners, tenants, public, etc. SOFA areas may be found in Hotels, Seniors Housing facilities, Multi-family Residential Complexes, Shopping Centres, and Office Buildings. Examples of SOFA's include stratified lobbies, meeting rooms, dining areas, storage areas, lounges, restaurants, business centre, parking, activity rooms, spas - gyms, hallways, and common areas in shopping centres.

Stream

Includes any of the following that provides fish habitat:a) a watercourse, whether it usually contains water or not b) a pond, lake, river, creek or brook; or c) a ditch, spring or wetland that is connected by surface flow to something referred to in a) or b)

• An area adjacent to a stream that links aquatic to terrestrial ecosystems and includes both existing and potential riparian vegetation and existing and potential adjacent upland vegetation that exerts and influence on the stream, and • An area the size of which is determined according to this regulation on the basis of an assessment report provided by a qualified environmental professional in respect of a development proposal. (Riparian Areas Regulation (RAR), B.C. Reg. 376/2004, s. 1 "Streamside protection and enhancement area" (Fish Protection Act))

Subdivision

The division of land into two or more parcels.

Subdivision Plan

An LTSA plan showing land divided into two or more parcels; or the consolidation of two or more parcels into a single parcel.

Sublease

A lease given by one tenant to another to create a sub-tenancy, usually only for the duration of the original tenant's lease term. Original tenant remains liable to owner in case of default by subtenant.

Sub-part

Building, outbuilding, or land records belonging to the folio.

Substantially Damaged or Destroyed

Physical damage amounting to more than 50% + $1 of the assessed value of the affected improvement(s) on a parcel as reflected on the assessment notice for the tax year in which the damage or destruction occurs (i.e. if the damage occurs in November 2010, the assessed value to be considered is the improvement value on the 2010 assessment notice).

Suite Types

Bed Sitting Room (BSR)A resident unit that does not contain a kitchenette; it may or may not contain an ensuite bathroom. Essentially, this type of room is just a bedroom.

Bachelor Suite (Bach)A resident unit that does not have a self-contained bedroom, but does include a kitchenette and a 3 or 4-piece washroom.

1-Bedroom Suite (1BR)A resident unit with a self-contained bedroom with a built-in closet, a kitchenette area and a 3 or 4-piece washroom and/or an ensuite.

1-Bedroom + Den Suite (1BR+d)A resident unit with a self-contained bedroom, a 2nd room which does not contain a built-in closet, a kitchenette area and a 3 or 4-piece washroom and/or an ensuite.

2-Bedroom Suite (2BR)A resident unit with 2 self-contained bedrooms, a kitchenette area and 3 or 4-piece washroom and/or an ensuite.

2-Bedroom + Den Suite (2BR+d)A resident unit with two self-contained bedrooms, a kitchenette area, a 3 or 4-piece washroom and/or an ensuite and an additional room without a built-in closet.

A replacement roll created to reflect corrections to the completed or revised roll.

Supportive Housing

Housing that integrates long-term housing units for persons who were previously homeless or persons who are at risk of homelessness, who may also:

- have mental illness,

- have or be recovering from drug or alcohol additions,

- or experience other barriers to housing.

with on-site support services that are available to residents of the housing project.

Surplus Land

Land not necessary to support the highest and best use of the existing improvement but, because of physical limitations, building placement, or neighbourhood norms, cannot be sold off separately. Such land may or may not contribute positively to value and may or may not accommodate future expansion of an existing or anticipated improvement. (The Appraisal of Real Estate 2nd Canadian Edition 2002)

Tax Sale

The sale of real property, usually at auction by a public authority, in order to pay delinquent municipal taxes assessed by the owner. (Also see Forfeiture)

Taxable Value

The value to which the appropriate tax rates are applied to determine the taxes payable; it is the actual value, less the value of any assessment or tax exemptions. A synonym is net taxable value.

Taxation Year

The calendar year to which an assessment roll applies for the purposes of taxation as referred to in section 3 (2) (Assessment Act, s. 1, "taxation year")

Telecommunications

Includes land and improvements used or held for the purposes of, or for purposes ancillary to, the business of a telecommunications common carrier that operates a telephone system, data telecommunications network or cable television undertaking, but does not include land and improvements in respect of a telecommunications common carrier that is a radio or television broadcasting or rebroadcasting undertaking. (Assessment Act Regulation, B.C. Reg. 433/98, s. 1.1 (Assessment Act))

Tenant

One who has the temporary use and occupation of real property owned by another person (called the "landlord"), the duration and terms of the tenancy being usually fixed by a lease. (Black's Law Dictionary 6th ed)

Tenant Improvements

Extensive tenant improvements can influence contract rents or they may be built into the asking rents as a tenant improvement allowance. When capital expenditures not accounted for in the asking rent are made by the lessor (owner), reimbursement may be accomplished through marginally higher rent that amortizes the lessor's expenditures over all or part of the lease period. If the lessee (tenant) makes capital expenditures, the lessor may reduce the lessee's rent for all or part of the lease term as compensation for such tenant expenditures. In many retail environments, the rents vary directly with the level of build-out (e.g. definition of shell) provided to the tenant.

Tenant Inducement

Tenant inducements may include cash payments (e.g. free rent), landlord payments for new fixturing and other tenant improvements, and tenant-specific building upgrades including custom signage. (REALPAC Terminology Standards - Rent)

Tenure

Denotes the type of occupier on land where the fee simple is held in the name of the Crown.

Third Party Confidential Information

Information provided by a third party, (i.e.) not the owner of the property, that has been used to assist with the assessment of a property and the release of which would be of concern to that third party.

Third Party Public Information

Publicly available information provided to BC Assessment from someone other than the owner or authorized agent. For example, zoning information, building or septic permits, Land Title and Survey Authority (LTSA) state of title certificates. To protect against the potential for BC Assessment to be sued for negligence (i.e. negligent misrepresentation), a person inquiring about 3rd party information should be referred by BC Assessment staff to the source of the information (e.g. zoning authority, permit issuing authority, Land Titles and Survey Authority), rather than BC Assessment directly.

Geographical zones for the collection and analysis of timber sales. The province is divided into nine areas. Refer to the Managed Forest Land and Cut Timber Values Regulation (B.C. Reg. 90/2000 (Assessment Act)) for a map of the valuation areas.

Timber Land

The value of timber land determined by reference to the land values for the appropriate valuation area having regard to topography, accessibility and soil quality as set out in Schedule B of the Managed Forest Land and Cut Timber Values Regulation. Timber Land value does not include Cut Timber value.

Timber Mark

A symbol used by a logging company to identify its cut timber. This mark is used to verify that the amount of harvested timber declared on the return is correct.

Top of the Ravine Bank

The first significant break in a ravine slope where the break occurs such that the grade beyond the break is flatter than 3:1 for a minimum distance of 15 meters measured perpendicularly from the break, and the break does not include a bench within the ravine that could be developed. (Riparian Areas Regulation (RAR) B.C. Reg. 376/2004, s. 1, "Top of the ravine bank" (Fish Protection Act))

Trade

A trade is a property transfer that includes items of real or personal property as a portion of the price. The transaction should not be used if the items traded constitute the entire price. Otherwise, if the value of the traded items is stipulated, can be ascertained, or is small in comparison with the total price, the sale can be used by including the value of the items traded in the total purchase price. As a general rule however, sales involving trades should be excluded from sales studies if the full price cannot be reliably established and there is an otherwise adequate number of valid sales

Sale of a property whereby part or whole payment is not in cash or financing, but in goods such as a boat, automobile, chattels or other real property

Part or all of the consideration paid for a property was in the form of goods or another parcel of real property. The value of the consideration may not reflect market value. (International Association of Assessing Officers (IAAO) BC Assessment Modified)

Transport

The subject must be used as part of a continuum of carrying or conveying products. This includes places where goods may be temporarily stored and retrieved as part of the course of transport. However, "transport" implies a continuous journey; the journey may be interrupted by a stop-over, but only for a short time in the course of passing from place to place. Property "used for transporting" includes the area where goods can be taken up and set down.

Transportation, Transmission or Distribution by Pipeline

When one looks at the nature of the activities described in section 2 of the Regulation, the ordinary meaning of the word "pipeline" must be employed. [paragraph 62] [T]he transportation transmission and/or distribution of sewage and water supply by pipeline is a listed use in accordance with section 2 of the Regulation. [paragraph 67]. (Greater Vancouver Sewerage and Drainage District et al v. Assessor of Area 08 - North Shore/Squamish Valley, et al. 2001, PAAB- refer to as: 2006 PAABBC 20052174, decision dated February 1, 2006)

Travel trailer

A vehicle that is(a) capable of being towed on its own permanent wheels and undercarriage by a motor vehicle,(b) licensed, or able to be licensed, as a trailer under the Motor Vehicle Act for use on highway, and(c) not used as a principal residence. (Travel Manufactured Home Exemption Regulation, B.C. Reg. 383/88, s. 1, "travel trailer" (Manufactured Home Tax Act))

Trespass

Trespass is an unlawful interference with one's property; at common law, trespass to land is every unauthorized and direct breach of the boundaries of another's land. (Black's Law Dictionary 1990)

Turnkey

A turnkey situation is when an owner makes a property ready for a tenant to begin business by having the tenant furnish only furniture, phone and inventory, if any. Turnkey tenant improvements are provided at the landlord's expense according to plans and specifications previously agreed upon by the parties. Unlike an allowance where the tenant pays for costs in excess of the allowance amount, the landlord bears the risk of construction in a turnkey situation. (www.officespace.com)

Turnkey Rent

Rent which reflects the utility of space which is ready for the tenant to begin business.

Typical Lot

A lot which includes the most common features within the Rate Code Boundaries or features which are common to the majority of the properties, such as recurring geographical features (e.g. steep slope or view), size, or zoning. The market impact of these features will be included in the Rate Amount.

For example, within the city of Nelson, the Typical Lot may be 25 X 120 feet with a view, moderate (~25 degree) slope, with single-family zoning. However, in certain Vancouver Neighbourhoods, the Typical Lot might be 33 X 100 feet, flat with single-family zoning.

The Typical lot will have a composite land size adjustment factor of 1.00.

Unclassified

Folio listings or tallies are done so according to various coding parameters. Should the relevant codings required for a particular list or tally on a specific report be in error or missing then the tally could fall under a heading termed 'unclassified'.

Undivided Interest; Undivided Right

An undivided right or title, or a title of an undivided portion of an estate, is that owned by one of two or more tenants in common... Held by the same title by two or more persons whether their rights are equal as to value or quantity or unequal. (Black's Law Dictionary, 5th edition)

Uninformed Purchaser

The purchaser was not knowledgeable of market conditions. The purchase price may not reflect market value.

Unit

Sleeping room or combination of bedroom and bathroom offered for rent as a unit for the overnight accommodation of a guest or guests. For the purposes of this policy the term "unit" is equivalent to "room".

Unit of Accommodation

The basic unit of accommodation sold to a customer. For example, a unit of accommodation for a hotel or motel is generally a room or suite, whereas a unit of accommodation for a hostel or dormitory is generally a bed. (Ministry of Community, Sport and Cultural Development)

Unmatched Sale

If a title is set to "Unmatched" status it will not be linked to a property because it has not been matched to a folio ID (roll number).

Unqualified Sale

Sales that do not meet the Qualified criteria. Review is required to determine if the sale is, in fact, qualified or otherwise, e.g. Right To Purchase, Agreement for Sale, Heritage Act and Life Estates.

Unusual Financing

The purchaser used unconventional financing to purchase the property. The price paid may or may not reflect market value.

Uplands

Land or an area of land lying above the level where water flows or where flooding occurs. (Dictionary.com)

Used exclusively

Refers to the activities conducted in the facilities rather than to the use of the facilities. Exclusive use does not mean absolutely no other use is permitted. The land may occasionally be used for other activities and still retain the exemption. However, it would be necessary for these alternate uses to be a minimum component of the overall use. (Naramata Centre Society v.AA17 (1982, AAB))

Used or Held for

Whether land or improvements are "used or held for" a Class 5 purpose is a question of fact. The property does not have to be in active use to qualify; it may include land operating as a buffer zone or reserved for an industrial ancillary purpose in the future. Zoning is one factor to be considered in determining the purpose for which property is being held.

Vacancy

Seniors' housing vacancy is expressed as a per cent of potential gross income.

Vacant Land

A topographically or functionally distinct piece of property containing nothing; empty, that can have something grown on or constructed on. Courts have sometimes distinguished vacant from unoccupied, holding that vacant means completely empty while unoccupied means not routinely characterized by the presence of human beings. (Black's Law Dictionary, 8th edition)

Valuation Adjustments

A market derived factor used in mass appraisal processes to account for variations within a competitive set or market area between the value of benchmark properties and specific properties with different attributes.

Valuation Rates

Annually established inputs to residential, IC&I, strata, and land valuation processes. Examples include rates used in IncomeDCA Models (rents, capitalization rates, vacancy, and expenses), Market Adjusted Cost Multiplier (MACM) factors, and Land Rates.

valueBC

The database system used by BC Assessment to retain information and produce property assessments.

Vested

When the right, interest or title to the legal estate is transferred back to the owner or to any other party.

Vesting Order

A court order passing legal title in lieu of a legal conveyance. (Black's Law Dictionary, 8th edition)

Water Utility

(a) a person who owns or operates in British Columbia equipment or facilities for the diverting, developing, pumping, impounding, distribution or furnishing of water to or for 5 or more persons, or to a corporation, for compensation, and(b) the lessee, trustee, receiver or liquidator of a person referred to in paragraph (a),but does not include(c) a municipality in respect of services furnished by the municipality,(d) a person who furnishes services or commodity only to himself or herself, the person's employees or tenants, if the service or commodity is not resold to or used by others,(e) the Greater Vancouver Water District under the Greater Vancouver Water District Act,(f) an improvement district or water users' community under the Water Act, (g) a regional district under the Local Government Act in respect of the service of the bulk supply of water(i) in bulk to a municipality or electoral area participating in that service, or(ii) to consumers in a municipality participating in that service,(h) a person who supplies water by tanker truck,

(i) a person who sells bottled water, or(j) a strata corporation, if the comptroller is satisfied that the owner developers within the meaning of the Strata Property Act have ceased to own a majority of the strata lots in the strata plan..(Water Utility Act, s. 1, “water utility”)

Worship

Reverence or adoration of a deity through acts, rites or ceremony. (Young Life v. Assessor of Area 08 - North Shore/Squamish)

Zoning Bylaw

A legal document that describes the permitted uses for land. Zoning is defined as the public regulation of the character and extent of real estate use relating to improvements, structure heights, areas, bulk, density of population, and other limitations on the use and development of private property.

Zoning regulation or bylaws are defined, written or revised by jurisdictional officials to suit permitted use of property. Jurisdictions which supply the zoning data may be Cities, Towns, Villages, Districts, Municipalities, Regional Districts or Special Areas such as Islands Trust.